Wednesday, February 19, 2025

Indian Economy – 76 Milestones Since Independence

In a significant move, the government earmarked ₹20 crore to rehabilitate refugees, many of whom had fled to India during Partition.

In a significant move, the government earmarked ₹20 crore to rehabilitate refugees, many of whom had fled to India during Partition.On this Republic Day, as we salute the spirit of India, it’s hard not to reflect on the incredible journey the nation has undertaken since its birth. From the moment the Constitution was adopted on January 26, 1950, India embarked on a path of self-determination, facing the challenges of building a nation from scratch. Over the decades, the Indian economy has seen triumphs and setbacks, setbacks that have only made the country stronger, more resilient, and more ambitious.

In the early days, we were an agrarian economy with a vision for industrialization, but the struggles were real: wars, poverty, and inflation. Yet, through it all, India has always managed to stand tall. Whether it was the economic reforms of the 1990s, the rise of the services sector, or the digital revolution of the 21st century, every phase was a leap towards global prominence. India may have stumbled in its early years, but the vision and determination of its people and leaders have created something truly remarkable.

Fast forward to today, and India is a force to reckon with. The country’s economy is one of the fastest-growing in the world, and its corporate sector is gaining recognition globally. The leadership of Prime Minister Narendra Modi has brought a fresh energy to the nation, with policies that focus on self-reliance (Atmanirbhar Bharat), digital transformation, and pushing for sustainability through green energy and electric vehicles. The government’s vision for 2047, India’s centenary year as an independent nation, promises even more growth and innovation.

Corp India News takes you on a quick walk down memory lane to revisit 76 key moments that shaped India’s economy—an inspiring saga of perseverance, transformation, and dreams turned into reality. From independence to the global stage, each milestone has brought us closer to the India we know today.

1947 – India’s First Budget: A Historic Financial Milestone

On November 26, 1947, India’s first Finance Minister, RK Shanmukham Chetty, tabled the Union Budget in Parliament, marking a historic moment for the newly independent nation. As he began his speech with the words, “I rise to present the first Budget of a free and independent India,” it was clear this was not just a financial statement, but a symbol of sovereignty.

The budget was modest in comparison to later years, with a total expenditure of ₹197.7 crore (around ₹2 billion at the time). Chetty’s budget focused on rebuilding a war-torn economy, with key allocations for the development of infrastructure, industry, and agriculture. In a significant move, the government earmarked ₹20 crore to rehabilitate refugees, many of whom had fled to India during Partition.

The budget set the stage for India’s future economic policies, emphasizing self-sufficiency and development. It was a foundational step toward planning India’s economic direction, and though small in scale, it marked the start of India’s long-term fiscal journey.

1948 – India’s First Industrial Policy: A Key Economic Blueprint

On April 6, 1948, India introduced its first Industrial Policy Resolution, laying the foundation for a mixed economy. It classified industries into four categories, reserving critical sectors like defense, atomic energy, and railways for the public sector. This approach aimed to foster self-reliance while allowing private and cooperative sectors to grow.

The policy also welcomed foreign investment, but with the condition that Indian control must remain intact. The focus on state-led industrialization led to the establishment of key infrastructure projects like the Bhilai Steel Plant, which began in 1955 with Soviet aid, symbolizing the country’s shift towards large-scale industrial production.

By 1951, the policy had helped shape India’s first Five-Year Plan, which allocated 27% of its budget to industrial development. Although revised in 1956, the 1948 Industrial Policy was instrumental in shaping India’s industrial landscape and economic direction for decades.

1949 – The Nationalization of the Reserve Bank of India

On January 1, 1949, the Reserve Bank of India (RBI) was nationalized, with all its shares transferred to the central government for a fair compensation. This move marked a significant shift in India’s financial landscape, as the RBI, previously privately owned, was now fully under state control. People viewed the nationalization as a step to consolidate India’s financial sovereignty.

However, RBI Governor Chintaman Deshmukh had earlier expressed concerns in March 1948, suggesting that the decision might be premature given India’s developmental stage. Despite his reservations, the RBI cooperated with the government to implement the change, which played a key role in shaping India’s post-independence financial policies.

1950 – The Birth of India’s Constitution

On January 26, 1950, India embraced its Constitution, marking the beginning of a new chapter in its democratic journey.

Remarkably, it took nearly three years to draft, with Dr. B.R. Ambedkar at the helm as the chief architect. A unique trivia: the original manuscript of the Constitution was handwritten in both English and Hindi. Its enduring legacy lies in its adaptability, continuing to guide India towards prosperity and unity.

1951 – Launch of the First Five-Year Plan

In 1951, India launched its First Five-Year Plan, marking a significant milestone in the country’s journey towards economic stability. The plan, which focused on agriculture and rural infrastructure, aimed to address the pressing food shortages that had plagued the nation post-independence. With a budget allocation of ₹2,067 crore, it prioritized irrigation projects, rural development, and agricultural productivity.

Notably, the plan laid the groundwork for critical infrastructure, including the construction of dams like Hirakud and the expansion of rural electrification. These projects helped stabilize agricultural output, increasing food grain production and alleviating famine fears. The success of this first plan was crucial in building India’s economic confidence and set the stage for future planning cycles that focused on industrialization and socio-economic growth.

1952 – Formation of India’s First Duly Elected Government

In 1952, India held its first general election, a monumental achievement for the young nation. Over 173 million people voted in this massive exercise, and it marked the first time the country experienced a full democratic process. Jawaharlal Nehru led the newly elected Congress government, and the first session of the Rajya Sabha was held, symbolizing the formal functioning of India’s parliamentary democracy.

The new government focused on economic planning, prioritizing the establishment of a mixed economy where both public and private sectors would play crucial roles. One of the key decisions included implementing the Industrial Policy Resolution of 1956, which focused on nationalization of key industries. This period also saw emphasis on infrastructure projects, which laid the groundwork for industrialization in the decades to come. These early decisions set the tone for India’s future economic strategies.

1953 – Air India is Nationalized

In 1953, Air India, founded by aviation pioneer JRD Tata in 1932, was nationalized by the Indian government. Initially started as an airmail service from Bombay to Karachi via Ahmedabad, Air India had grown to become a prominent international airline under Tata’s leadership. However, in line with the government’s broader policy to nationalize key industries and modes of transport, the airline was taken over, and the government assumed full control.

JRD Tata, deeply disappointed by the decision, had always envisioned Air India as a symbol of Indian enterprise and a leader in the global aviation industry. His legacy, however, remained intact, with Air India continuing to flourish for many years. Interestingly, 69 years later, Air India would re-enter the Tata Group fold, marking the completion of a full circle in the airline’s history. The nationalization decision was part of a larger trend to consolidate the nation’s transport sector and promote public ownership.

1954 – Indo-Chinese Panchsheel Treaty

In 1954, India and China signed the Panchsheel Agreement, a landmark treaty that emphasized mutual respect for sovereignty and non-interference in each other’s internal affairs. The five principles, known as Panchsheel, included peaceful coexistence, non-aggression, non-interference, equality, and mutual benefit. The treaty was intended to foster a harmonious relationship between the two countries, particularly focusing on trade and cultural exchanges.

Economically, the treaty opened up trade between India and China, with India exporting goods like textiles and tea, while importing Chinese silk and other products. The agreement also allowed for greater economic cooperation, influencing India’s foreign policy by emphasizing peaceful diplomacy and collaboration over conflict. Despite tensions in later years, the Panchsheel agreement initially laid the foundation for India’s non-aligned approach in global geopolitics, highlighting its commitment to both economic and diplomatic independence.

1955 – India Implements the Mahalanobis Plan

In 1955, India adopted the Mahalanobis Plan, named after Professor Prasanta Chandra Mahalanobis, an influential statistician and economist. As Chief Advisor to the Planning Commission, Mahalanobis pushed for a shift in India’s economic strategy. The focus of the Second Five-Year Plan was on heavy industrialization, particularly in capital goods industries, with the goal of building a strong domestic consumption goods sector. The idea was to reduce dependence on imports and foster self-sufficiency, even if it meant slower growth in the short term.

Simultaneously, the State Bank of India (SBI) was formed, replacing the Imperial Bank of India. This move marked a significant step in the nationalization of key financial institutions, aligning the banking system with the state’s economic goals. The Mahalanobis Plan laid the foundation for India’s industrial growth in subsequent decades and was pivotal in shaping its focus on self-reliance and a planned economy. The ISI model became a hallmark of India’s early post-independence economic policy.

1956 – LIC Established

In 1956, the Life Insurance Corporation of India (LIC) was established under the LIC Act, 1956, marking a major shift in India’s financial sector. The nationalization of the insurance industry led to the merging of 245 Indian and foreign insurance companies and provident societies into a single entity, with the central government contributing a capital of ₹5 crore.

The move was driven by the desire to ensure that critical sectors like life insurance were under state control to promote the welfare of citizens and prevent private monopolies. The nationalization aimed to channel life insurance funds into national development projects, thus aligning the industry with the country’s economic priorities. LIC went on to play a significant role in providing financial security to millions of Indians, becoming a cornerstone of India’s social and economic fabric. It also helped fund major infrastructure projects, acting as a key player in India’s financial ecosystem.

1957 – Kerala Gets the First Elected Communist Government in the World

In 1957, Kerala made history by electing the world’s first communist government, led by E.M.S. Namboodiripad. The Communist Party of India (CPI) came to power through democratic elections, marking a rare instance of a communist regime gaining power via the ballot box rather than revolution. This unprecedented political shift brought with it a unique set of economic policies, including land reforms that redistributed land to the landless, thus altering the state’s agrarian structure.

Although the government lasted only for a few years, its economic ideology left a lasting imprint. Kerala’s emphasis on social welfare, land redistribution, and public education later became the foundation of the state’s development model, which focused on inclusive growth. The brief experiment with communist governance sparked political diversity in the state and shaped its economic policies in the years that followed, making Kerala a forerunner in experimenting with alternative political and economic frameworks in India.

1958 – Reliance Is Born

In 1958, Dhirubhai Ambani laid the foundation for what would become one of India’s most powerful business empires: Reliance. Starting with a small 500 sq ft office in Mumbai’s Masjid Bunder, Ambani ventured into yarn trading under the banner of Reliance Commercial Corporation. His ambition was clear from the start — to build India’s largest company.

In 1966, the company expanded into textiles with Reliance Textile Industries. The journey towards becoming a corporate giant began in earnest when the company went public in 1977 with its first IPO. By 1985, the company was renamed Reliance Industries, and its growth trajectory soared.

Reliance’s success wasn’t just in size; it was about breaking barriers. In 2000, it commissioned the world’s largest grassroots refinery at Jamnagar, a remarkable achievement that underscored its role in global industrial expansion. Today, Reliance Industries stands as a symbol of entrepreneurial success, innovation, and ambition.

1959 – Birth of India’s Steel Revolution: Rourkela Steel Plant


The Rourkela Steel Plant (RSP), inaugurated by President Rajendra Prasad in 1959, marked the beginning of India’s steel revolution. As the first integrated steel plant under the public sector, RSP was set up in collaboration with German firms, which helped shape India’s industrial growth. With an initial capacity of 1 million tonnes, RSP played a pivotal role in strengthening India’s industrial base.

RSP’s first blast furnace, Parvati, symbolized the country’s commitment to self-sufficiency in steel production. Over time, RSP became a key unit under Steel Authority of India Limited (SAIL), which further transformed India’s steel industry. Today, it stands as part of one of the largest steel producers in the country, continuing to drive industrial progress.

1960 – Bajaj Auto Goes Public and Soars

In 1960, Bajaj Auto made a pivotal move by becoming a public limited company, setting the stage for its rise in India’s automotive industry. Originally importing and selling two- and three-wheelers, Bajaj expanded its horizons by securing a manufacturing licence in 1959.

That same year, Bajaj partnered with Piaggio, obtaining the licence to manufacture Vespa scooters. The launch of the Vespa 150 was a massive success, quickly becoming a favourite among Indian consumers. This strategic move positioned Bajaj Auto as a key player in India’s burgeoning two-wheeler market, eventually leading to its dominance in the sector.

1961 – India’s First Electric Locomotive: A Game-Changer for Railways

In 1961, Jawaharlal Nehru commissioned India’s first electric locomotive, manufactured at the Chittaranjan Locomotive Works. At that time, India’s railways were primarily dependent on steam engines and had limited electrification, especially in the northern and western regions. The commissioning of the electric locomotive was a monumental step in modernizing Indian railways, which were the backbone of transportation for both people and goods.

The shift to electric engines allowed for greater efficiency, faster speeds, and reduced operational costs, transforming railways into a much more reliable and sustainable system. It also paved the way for future expansion and technological upgrades in railway infrastructure. Today, the Indian railway system, which carries over 23 million passengers daily, remains one of the largest and most important in the world, and this event played a key role in shaping its future.

1962 – India Sets Its Sights on Space Exploration

In 1962, India took its first major steps toward becoming a space-faring nation by establishing the Indian National Committee for Space Research (INCOSPAR). Led by the visionary Vikram Sarabhai of the Physical Research Laboratory, India began planning its space programme, aiming to match the global giants like Russia and the United States in space exploration.

This move marked the beginning of India’s journey into the space race, with Sarabhai’s leadership propelling India’s space ambitions forward. The committee’s primary goal was to harness space technology for the country’s development, using it for communication, weather forecasting, and eventually satellite launches. This foundational year set the stage for India’s rise as a global player in space, culminating in milestones such as the launch of Aryabhata in 1975.

1963 – The Birth of India’s Mutual Fund Industry

In 1963, India witnessed the launch of its first-ever mutual fund, Unit Trust of India (UTI), which was set up by the Reserve Bank of India (RBI) through an Act of Parliament. This pivotal move opened the doors for investors across the nation to pool their resources into a common fund managed by professionals, providing a new avenue for wealth creation.

For the next 15 years, UTI operated under the regulatory and administrative control of the RBI, helping to lay the groundwork for a robust mutual fund industry. This marked the start of a growing investment culture in India, allowing retail investors to gain access to diversified portfolios, ultimately leading to the development of a vibrant financial market.

1964 – IDBI Bank: A Step Towards Industrial Growth


In 1964, the Indian government established the Industrial Development Bank of India (IDBI) as a dedicated development financial institution. The goal was to provide long-term financial support to industrial projects across various sectors and states, encouraging inclusive growth.

IDBI played a crucial role in financing major industrial ventures, especially during the early years of India’s industrialization, helping industries overcome capital constraints. The bank’s establishment also marked a significant shift in the country’s economic development strategy, focusing on the vibrancy of capital markets and ensuring equitable growth by extending credit to industries in diverse regions. Over the years, IDBI evolved into one of the key players in India’s banking and financial ecosystem.

1965 – The Green Revolution Begins

In 1965, M.S. Swaminathan played a pivotal role in rescuing India from the looming threat of famine by developing high-yielding varieties of wheat. His breakthrough marked the beginning of the Green Revolution, a game-changer for the Indian agricultural landscape. This revolution not only helped India achieve food security, but it also set the stage for the country to become self-sufficient in food production, even as its population grew rapidly.

Alongside this agricultural transformation, the Food Corporation of India (FCI) was established under the Food Corporations Act 1964. The FCI was tasked with regulating the distribution of food grains, maintaining buffer stocks, and ensuring fair prices. This move was crucial in supporting poor farmers, stabilizing food markets, and guaranteeing that no one would go hungry, making it a significant step in India’s fight against hunger.

1966 – India Devalues the Rupee

In June 1966, India devalued the rupee by a staggering 57%, shifting its value from ₹4.76 to ₹7.50 against the US dollar. This decision was triggered by a severe inflationary pressure and a growing fiscal deficit following the aftermath of the 1965 Indo-Pak war, the 1962 war with China, and the devastating 1965-66 drought. These events drained India’s foreign exchange reserves, leading to the necessity of devaluation to address the economic imbalance.

The move was politically unpopular, especially under Prime Minister Indira Gandhi, but it was deemed necessary from a macroeconomic standpoint. Devaluing the rupee was expected to make Indian exports more competitive, boosting industrial growth and foreign exchange earnings. Though controversial, the decision played a crucial role in stabilizing the Indian economy during a period of crisis. Despite the short-term political fallout, the devaluation of the rupee laid the foundation for India’s long-term economic strategies.

1967 – Birth of the Armed Marxist Movement


The Naxalite movement began in 1967, led by tribals and Communist leaders in West Bengal, spurred by famine, indebtedness, and feudal exploitation of peasants. It quickly spread across Andhra Pradesh, Maharashtra, Orissa, and Madhya Pradesh, where large segments of the rural population, burdened by debt and poverty, rebelled against oppressive landlords. The movement’s armed insurgency impacted the Indian economy, especially agriculture, by destabilizing rural economies.

Guerrilla warfare in agricultural regions disrupted food production and hindered development. The Naxalite movement also forced the government to reconsider policies related to land reforms and poverty alleviation, shaping India’s socio-political landscape for years. Despite military crackdowns, its impact on India’s economic policies and social justice debates remains significant.

1968 – TCS: From Humble Beginnings to IT Giant

Founded on April 1, 1968, Tata Consultancy Services (TCS) revolutionized India’s IT services landscape. Launched as a division of Tata Sons, it was initially driven by the vision of FC Kohli, a technocrat from Tata Electric Companies. TCS’s early success was fueled by strategic partnerships, including its collaboration with Burroughs, a major US business equipment maker, to export Indian IT services. This partnership helped TCS lay a strong foundation for the growth of India’s IT services sector, which would go on to become a global powerhouse.

As of FY24, TCS has become a global leader in IT services, with a consolidated revenue of ₹64,827 crore for the year. This remarkable growth solidifies its position as India’s largest IT services firm, offering cutting-edge solutions worldwide. TCS’s success is not just a reflection of its early vision but also a symbol of India’s emergence as a tech hub on the global stage.

1969 – Bank Nationalisation: A Leap Toward Financial Inclusion

On July 19, 1969, Indira Gandhi, the then Prime Minister, announced the nationalisation of 14 major commercial banks, which controlled 85% of India’s bank deposits. The decision was aimed at aligning India’s banking sector with its development needs, especially to ensure financial inclusion for rural populations. Prior to this, banking services were concentrated in urban areas, leaving vast rural regions under-served. The nationalisation included prominent banks like Bank of Baroda and Bank of India, marking a crucial shift in the direction of India’s financial system.

This move was part of a broader strategy to empower the state to channel funds for industrial growth and welfare schemes, especially in agriculture and rural development. The nationalisation laid the foundation for financial inclusion efforts that continue today, as banking services and technological innovations expand their reach to previously underserved areas, driving economic growth across the country.

1970 – Operation Flood: India’s White Revolution

In 1970, the National Dairy Development Board (NDDB), under the leadership of Verghese Kurien, launched Operation Flood, which would become one of the most transformative agricultural initiatives in India’s history. Known as the White Revolution, the program aimed to address India’s milk deficiency and build a national milk grid. By 1998, India was not only self-sufficient in milk production but became the world’s largest milk exporter, revolutionizing dairy farming.

Operation Flood’s impact was multi-dimensional. It enhanced the organization of the private sector, connected rural farmers to urban markets, improved procurement and production, and developed veterinary healthcare services for dairy animals. The initiative also expanded production centers across the country, benefiting millions of farmers and making India a dairy powerhouse. The project remains one of the world’s largest rural development programs.

1971 – Bangladesh’s Birth: Shifting Trade and Economic Fallout

In 1971, India played a crucial role in the creation of Bangladesh after the country’s war of independence from Pakistan. India’s military intervention, coupled with widespread support for the Bangladeshi Liberation War, helped in the formation of a new nation. As a result, India’s relations with Pakistan deteriorated significantly, leading to economic and political fallout, including sanctions from the US and other Western nations.

The creation of Bangladesh shifted trade dynamics in South Asia. While India faced economic isolation, trade with Bangladesh increased, as India became a key supplier of goods, agricultural products, and energy. However, the economic cost of war and sanctions was high for India. Defense spending surged, while foreign exchange reserves dropped due to the external pressures. Despite these challenges, India’s economy managed to stabilize in the long run, but the consequences of supporting Bangladesh’s freedom echoed in India’s foreign relations and trade for years.

1972 – Nationalisation of General Insurance – A New Era Begins

In 1972, the General Insurance Corporation of India (GIC) was established under the General Insurance Business (Nationalisation) Act, marking a significant shift in India’s insurance landscape. This move nationalized the private insurance companies operating in the country, consolidating their operations under the GIC umbrella. As a result, four subsidiary companies were formed: National Insurance, New India Assurance, Oriental Insurance, and United India Insurance.

The nationalisation aimed to increase state control over the general insurance sector, ensuring wider accessibility of insurance services across the nation, especially in rural and underserved areas. This was part of India’s broader objective of achieving economic inclusivity. The establishment of GIC helped in stabilising the insurance market, ensuring that profits were reinvested into public welfare projects and infrastructural development. It also paved the way for future reforms in India’s insurance industry.

1973 – Foreign Exchange Regulation – A Step Toward Economic Stability

In 1973, the Foreign Exchange (Regulation) Act (FERA) was enacted to regulate transactions in foreign exchange and securities. The Act sought to minimise the dealings in foreign exchange and control the import/export of currency, with a specific focus on conserving foreign exchange reserves. This regulation was crucial in curbing the outflow of foreign currency, ensuring that India’s foreign exchange resources were used efficiently for national economic development.

The FERA aimed at stabilising India’s balance of payments, controlling inflation, and boosting self-reliance by restricting the inflow of foreign capital that could lead to dependence. This step was essential in laying the foundation for India’s future economic policies, where the focus shifted to internal growth, economic self-sufficiency, and prudent management of external finances. While the Act posed challenges for foreign investment, it was instrumental in strengthening the country’s economic resilience during times of global instabilit

1974 – India’s Bold Step into the Nuclear Age

On May 18, 1974, India took a monumental step on the world stage by conducting its first nuclear test at the Pokhran test range in Rajasthan. Codenamed “Smiling Buddha,” the test was a significant achievement under the leadership of Prime Minister Indira Gandhi, making India the sixth country in the world to possess nuclear weapons. This strategic move was a clear demonstration of India’s growing scientific and technological prowess, positioning the country as a global power.

While the test boosted national pride and established India as a key player in global geopolitics, it also had far-reaching economic and diplomatic implications. Economic sanctions were imposed by several nations, isolating India diplomatically. However, India remained resolute in its pursuit of self-reliance and security, marking the beginning of a new chapter in its defense and foreign policy. The test also accelerated India’s focus on technological advancements, fostering innovation in various sectors, including defense, space, and energy.

1975 – The Emergency Era Begins

In 1975, Prime Minister Indira Gandhi declared a national emergency after persuading President Fakhruddin Ali Ahmed to invoke emergency powers, citing threats to internal security and the mounting economic crisis, particularly skyrocketing oil prices and rampant inflation. The move, which lasted 21 months, placed all political powers in the hands of the Union government and marked one of the most controversial periods in Indian history.

During the Emergency, fundamental rights were suspended, media censorship was imposed, and civil liberties were heavily restricted, leading to a crackdown on political dissent. The government launched the Twenty-Point Program, focusing on controlling inflation, improving governance, and energizing the economy. While some of these policies contributed to short-term economic stability, the emergency also left a dark legacy, fueling public disillusionment and sparking debates on the balance between security and democracy in India’s political landscape.

1976 – The Dark Days of Forced Sterilisation

In 1976, during the Emergency period, India witnessed one of its most controversial and disturbing episodes in its population control efforts. Under the Indira Gandhi government, a mass sterilisation program was enforced to curb the rapidly growing population. Faced with an economic crisis marked by food shortages, plummeting exports, inflation, and below-average rainfall, the government believed that reducing population growth was crucial for India’s survival.

Millions of men and women, particularly from rural areas and marginalized communities, were forced into sterilisation procedures, often under coercion. This program, aimed at rapidly controlling population growth, led to widespread public outrage and human rights violations. The government’s heavy-handed approach sparked resentment and significantly impacted India’s socio-political fabric, leaving a legacy of trauma that still lingers in public consciousness.

1977 – George Fernandes’ Battle with Multinationals

In 1977, India’s political landscape saw a dramatic shift when George Fernandes, a firebrand socialist and trade union leader, was appointed Industry Minister. Known for his bold and often controversial stands, Fernandes immediately targeted foreign multinational companies operating in India. At the time, the Foreign Exchange Regulation Act (FERA) of 1974 restricted foreign shareholding in Indian companies to a maximum of 40 percent.

Fernandes, who had been a prominent anti-colonial figure during the 1960s computer agitations, took a firm stance against foreign influence in the Indian economy. His refusal to amend the laws led to the exit of major multinationals like IBM, Coca-Cola, Kodak, and Mobil, marking a significant shift in India’s industrial landscape. This move, although seen as a step toward self-reliance, also triggered widespread debate on the future of foreign investments in India’s growing economy.

1978 – IBM’s Exit Sparks India’s IT Revolution

In 1978, the exit of IBM from India became a turning point in the country’s IT sector. After George Fernandes’ strict policies, IBM pulled out of the Indian market, abandoning over 800 data processing and computer installations. The Indian government swiftly took control, with the Computer Maintenance Corporation India stepping in to manage the assets.

This move inadvertently created opportunities for Indian companies to flourish. The government’s minicomputer policy encouraged local innovation, with companies like DCM and HCL emerging as pioneers. Shiv Nadar, the founder of HCL, shifted the focus from hardware to software, laying the foundation for India’s robust IT industry. Today, India’s IT sector contributes over 8% to its GDP, showcasing the lasting impact of that pivotal moment in 1978.

1979 – Mandal Commission: Addressing Caste Inequality

In 1979, the Mandal Commission was established by Prime Minister Morarji Desai, with BP Mandal appointed as its chairman. Officially known as the Socially and Educationally Backward Classes Commission (SEBC), its primary objective was to identify communities in India that were socially or educationally backward and to evaluate the need for reservations to rectify caste-based inequalities.

The Commission’s findings, presented in 1980, led to the recommendation of 27% reservations for OBCs (Other Backward Classes) in government jobs and educational institutions. This was a transformative moment in India’s social fabric, aiming to provide better opportunities for historically marginalized communities, sparking widespread debate and shaping India’s affirmative action policies for years to come.

1980 – India’s First Indigenous Credit Card: A Financial Milestone

In 1980, India took a significant step toward modernizing its financial system with the launch of its first indigenous credit card, CentralCard, by the Central Bank of India. This marked a shift from the reliance on foreign credit cards, such as the Diners Club Credit Card which had entered India in the early 1960s. The CentralCard was issued to individuals who deposited money with the bank, making it a more accessible form of credit for Indian citizens.

In the same year, Andhra Bank followed suit by launching its own credit card, which was also part of the Visa network. This move helped bring credit cards into the mainstream, paving the way for the widespread adoption of digital payments and consumer financing in India, shaping the future of India’s financial landscape.

1981 – Infosys: From Humble Beginnings to Global IT Giant

On July 2, 1981, Infosys was founded by NR Narayana Murthy and a group of visionary entrepreneurs, including Nandan Nilekani, S Gopalakrishnan, K Dinesh, NS Raghavan, and SD Shibulal in Pune. Starting with just $250 in capital, the company set out to revolutionize the Indian IT sector. Within a decade, Infosys became a public limited company and quickly gained recognition for its expertise in software and IT services.

Today, Infosys is a global IT powerhouse and one of India’s leading tech giants, boasting over ₹100,000 crore in revenue for FY21. The company’s success story has positioned India at the forefront of the global IT industry, shaping the country’s role as a global technology hub and contributing significantly to the Indian economy.

1982 – NABARD: Empowering Rural India through Financial Support

In 1982, the National Bank for Agriculture and Rural Development (NABARD) was established with a mission to promote rural development and provide financial assistance to key sectors. Formed by transferring the agricultural credit functions of the Reserve Bank of India (RBI) and the refinance functions of the Agricultural Refinance and Development Corporation, NABARD started with an initial capital of ₹100 crore. It was fully owned by the Government of India.

NABARD plays a pivotal role in enhancing agriculture, small-scale industries, and rural economic activities, providing essential credit and financial facilities for farmers, village industries, and craftspeople. Over the years, NABARD has been instrumental in transforming rural India by fostering economic growth and improving livelihoods, contributing significantly to India’s agricultural and rural economy.

1982 – Bombay’s Textile Crisis: The Strike That Changed the City

In 1982, under the leadership of Datta Samant, nearly 250,000 textile mill workers in Bombay (now Mumbai) went on an indefinite strike, demanding wage hikes and bonuses. The strike, one of the longest in industrial history, lasted over a year and caused severe disruptions in the city. The workers, led by the charismatic Doctorsaheb, mobilized against the mill owners, but with no substantial solutions in sight, the strike ultimately led to the decline of the textile industry in the city.

As the strike dragged on, the mills gradually moved out of Bombay, leading to the closure of many factories and the loss of thousands of jobs. The strike, which technically was never officially withdrawn, marked the end of Bombay’s iconic textile mill industry and altered the city’s industrial landscape forever. The aftermath left many workers jobless, with the once-thriving industry never truly recovering.

1983 – Maruti 800: The Birth of India’s First ‘People’s Car’

In December 1983, India witnessed the launch of the Maruti 800, a car that would go on to become a symbol of the country’s automotive revolution. At a price of just ₹47,500, the Maruti 800 was designed as an affordable, compact, and efficient car for the masses. The 796 cc hatchback was the result of a joint venture between Maruti Udyog and Suzuki Motor Corp of Japan, marking the beginning of India’s entry into the modern car manufacturing industry.

The launch was a milestone, with Prime Minister Indira Gandhi inaugurating the Maruti factory and handing over the keys of the first Maruti 800 to Harpal Singh, its first Indian owner. The car soon became India’s best-selling car, revolutionizing personal transportation and making automobile ownership a reality for millions across the country. The Maruti 800 played a pivotal role in shaping India’s car culture and expanding the middle class’ access to private vehicles.

1984 – Bhopal Gas Tragedy: A Wake-Up Call for Industrial Safety

On December 2, 1984, a methyl isocyanate leak at Union Carbide’s pesticide plant in Bhopal, Madhya Pradesh, killed over 2,000 people instantly, with 15,000 to 22,000 injured. The incident became one of the deadliest industrial disasters, with long-lasting health and environmental impacts.

The tragedy highlighted critical flaws in industrial safety regulations and practices, leading to global awareness about the need for stricter safety standards. It sparked widespread protests, litigation, and reforms, urging industries to prioritize safety and environmental responsibility. Despite ongoing legal battles, the clean-up of the site remains inadequate, and the disaster continues to shape industrial safety policies and accountability worldwide.

1985 – India’s IT Revolution Begins: Texas Instruments Paves the Way

In 1985, Texas Instruments (TI) made a groundbreaking move by setting up its R&D operations in Bangalore, marking the beginning of India’s journey to becoming a global IT powerhouse. Despite logistical challenges—such as having to bring the first satellite dish via a bullock cart—TI’s investment signaled the start of a tech transformation.

This move spurred a wave of multinational tech companies to follow suit, fueling Bangalore’s rise as India’s IT capital. Over the years, the city became synonymous with the global tech industry, driving innovation, attracting talent, and contributing significantly to India’s economic growth. Today, Bangalore stands as a testament to the success of India’s burgeoning IT sector.

1986 – Sensex: The Pulse of India’s Stock Market

On January 2, 1986, India’s first equity index, the Sensex, was launched, marking a new era in the country’s financial markets. A blend of “sensitive” and “index,” the Sensex became the barometer of India’s stock market performance, tracking the movements of the 30 largest companies listed on the Bombay Stock Exchange (BSE).

Initially slow, it took four years for the Sensex to cross the 1,000-point mark, but with the economic liberalization of 1991, it gained momentum. Over time, the Sensex became a key indicator of India’s economic health, reflecting the country’s rapid growth, attracting global investments, and driving stock market participation. Today, it continues to shape the financial landscape of India.

1987 – The First ATM: A Leap Towards Financial Inclusion

In 1987, HSBC revolutionized banking in India by installing the country’s first Automated Teller Machine (ATM) in Bombay. This innovation provided customers with the convenience of accessing their bank accounts, withdrawing cash, and performing basic transactions 24/7, without needing to visit a bank branch.

By 2021, India witnessed an exponential growth in ATM installations, reaching over 2.13 lakh machines, with nearly 47% of them located in semi-urban and rural areas. This expansion significantly contributed to financial inclusion, providing easy access to banking services, especially in remote regions, and empowering millions of Indians to manage their finances more effectively.

1988 – The Birth of Adani: A Foundation for Economic Growth

In 1988, Adani Exports Limited, now known as Adani Enterprises, was founded with an initial capital of just ₹5 lakhs. Initially focused on commodity trading, the company quickly expanded its scope into importing and exporting a wide range of products. The Adani Group’s game-changing move came in 1995, when it began constructing the Mundra Port in Gujarat, which became operational in 1998. This strategic port development laid the foundation for the group’s broader ventures in infrastructure, energy, and logistics.

By 2025, Adani has emerged as one of India’s largest conglomerates, with a presence across ports, energy, logistics, agribusiness, and real estate. The group’s operations span over 50 countries and it continues to play a crucial role in nation-building. Adani’s Mundra Port is now the largest commercial port in India, and its investments in renewable energy, especially solar power, have positioned the group as a leader in sustainable development. The group’s ventures have not only contributed to economic growth but have also helped in creating millions of jobs, fostering infrastructure development, and enhancing India’s global competitiveness.

1989 – The Rise of Coalition Politics and Its Impact on Economic Growth

In 1989, India witnessed the rise of coalition politics with the formation of the National Front government under Vishwanath Pratap Singh, following the Congress Party’s loss of majority. This marked a shift in India’s political landscape, leading to an era of unstable coalitions where regional parties played a key role. The government’s economic policies, particularly the Mandal Commission’s recommendations for OBC reservations, faced resistance from several quarters. The period was characterized by high inflation (peaking over 10%) and fiscal deficits, creating significant economic strain.

The emergence of coalition governments, especially after 1996, led to decision paralysis, as diverse interests often clashed, impeding effective governance. Policy inertia hindered urgent reforms, and vote-bank politics took precedence over long-term economic strategies. This instability contributed to an average growth rate of just 5-6% in the 1990s, a stark contrast to the rapid economic strides India made after 1991 post-liberalization.

1990 – Mandal Commission Report Triggers Protests and Economic Consequences

In 1990, Prime Minister Vishwanath Pratap Singh attempted to implement the Mandal Commission’s recommendation of reserving 27% of government jobs for Other Backward Classes (OBCs), sparking widespread protests across India. Students and youth, particularly in urban areas, mobilized against the move, citing concerns over meritocracy and job opportunities. Violent protests, strikes, and self-immolations disrupted daily life, shutting down roads, highways, and schools.

The protests immediately impacted the economy by disrupting education and labor supply, affecting academic calendars and job markets. Corporates, which had just started to embrace reforms and global competition, faced challenges in adapting to affirmative action policies that impacted recruitment. While OBC reservation led to greater inclusion in public sector jobs, it also sparked a debate over productivity and long-term economic impact on job markets, particularly in the private sector where merit-based recruitment remained the norm.

1991 – India Opens Up Its Economy: The 1991 Economic Reforms

In 1991, under the leadership of Prime Minister PV Narasimha Rao and Finance Minister Manmohan Singh, India took a bold step towards economic liberalization. Faced with an imminent balance of payments crisis, the government introduced a series of sweeping economic reforms aimed at opening up the economy to global markets. These included reducing import tariffs, privatizing state-owned enterprises, and liberalizing foreign investment policies. Singh’s landmark Budget marked the beginning of India’s transformation into a more market-driven economy, which was crucial for India’s economic recovery.

The reforms, underpinned by Singh’s vision, kickstarted India’s transition to a growth-oriented economy, leading to sustained GDP growth in the following decades. The subsequent rise of India’s IT sector, global trade, and foreign investments positioned the country as a prominent player in the global economy. The reforms were transformative, not only helping India weather the crisis but also setting the stage for decades of robust economic expansion.

1992 – Harshad Mehta Scam Unravels: The Collapse of India’s Stock Market Confidence

In 1992, Harshad Mehta, dubbed the ‘Big Bull’ of the Indian stock market, shocked the nation when it was revealed that he had orchestrated one of India’s largest financial scams, amounting to ₹4,000 crore. Mehta manipulated the stock market using illegal funds and loopholes in the banking system, inflating stock prices and ultimately causing a massive crash. His scam not only wiped out billions in investor wealth but also exposed deep flaws in the country’s financial regulatory framework. The aftermath led to a wave of reforms in the securities market.

In response, the National Stock Exchange (NSE) was established in 1992 to bring greater transparency and governance to India’s stock trading. Despite its transformative role, the NSE, even today, continues to face governance challenges. The Harshad Mehta scam remains a turning point in India’s financial history, underscoring the need for robust financial regulations and oversight.

1993 – Infosys IPO: The Birth of India’s Equity Culture

In February 1993, Infosys, a relatively unknown tech company from Bangalore, launched its Initial Public Offering (IPO), initially attracting only mild interest. There were concerns it would be undersubscribed, but when the stock was listed, shares surged from the issue price of ₹95 to ₹145, creating an unexpected market frenzy. This event marked a turning point for India’s capital markets and is now part of Dalal Street folklore.

Founded by NR Narayan Murthy and a team of seven engineers, including future CEOs Nandan Nilekani and S Gopalakrishnan, Infosys played a pivotal role in establishing India’s equity culture. The IPO helped cement the IT sector’s prominence on Indian stock markets, and in 1999, Infosys became the first Indian tech company to list on the Nasdaq, reinforcing India’s growing presence in the global tech arena.

1994 – Coca-Cola’s Return: India’s Emergence as a Global Hub for Multinationals

In 1994, Coca-Cola made its grand return to the Indian market after a 16-year hiatus. The beverage giant had exited in 1977 due to a law that required foreign companies to transfer 60% of their equity to an Indian company. But with India’s liberalization, Coca-Cola re-entered in October 1993, and by 1994, Black Diamond Beverages, owned by the Goenka Group, began production in Kolkata.

This marked a key moment in India’s economic transformation, signaling its emergence as a go-to hub for multinational corporations. The Indian market, with its vast consumer base, began to flood with western products, showcasing the increasing global interest in India’s growing economy.

1995- India’s Digital Leap: The First Cellphone Call and Internet Revolution

On July 31, 1995, India made its first mobile phone call. Jyoti Basu, then Chief Minister of West Bengal, dialed Sukh Ram, the Union Communications Minister, marking the beginning of India’s mobile revolution. Fast forward to today, and India is the world’s largest mobile phone market, with billions of users.

In the same year, August 15, 1995, Videsh Sanchar Nigam Limited (VSNL) launched India’s first publicly available internet service. This marked the start of the digital revolution. While internet speeds were limited to 9.6 kb/s and costly at ₹5,000 for 250 hours, India’s digital landscape has transformed dramatically. Today, mobile phones with cheap internet are driving major growth in e-commerce, fintech, entertainment, and education, while making India’s internet costs among the lowest globally.

1996 – The BJP’s First Step to Power

In 1996, Atal Bihari Vajpayee led the BJP to form a 13-day government, a historic yet short-lived moment in Indian politics. The BJP emerged as the single-largest party in Parliament after the 1996 elections, overtaking the Congress for the first time. However, Vajpayee struggled to gain the necessary support from other parties, and his government collapsed due to an inability to secure a majority.

Despite the brief tenure, Vajpayee’s emotional resignation speech resonated deeply with the public, enhancing his stature as a statesman. This marked the end of the BJP’s political isolation, setting the stage for its dominance in Indian politics in the decades that followed. Vajpayee’s leadership would eventually guide the party to power again, shaping its future trajectory.

1997 – Targeting Hunger with TPDS

In 1997, India revamped its Public Distribution System (PDS) by introducing the Targeted Public Distribution System (TPDS), prioritizing food security for families below the poverty line (BPL). Unlike its predecessor, the TPDS aimed to distribute subsidized food grains more effectively to the most vulnerable sections of society, ensuring resources reached those in greatest need.

By focusing on economic vulnerability, the TPDS marked a shift from a universal to a targeted welfare approach, laying the groundwork for further reforms in food security. Today, TPDS supports millions of Indian households, playing a critical role in reducing hunger and poverty while addressing the nutritional needs of the country’s poorest population.

1998 – India Goes Nuclear with Operation Shakti

In May 1998, India conducted five nuclear tests in Pokhran under Operation Shakti, officially declaring itself a nuclear state. This bold move showcased India’s strategic independence but triggered immediate economic sanctions from the US and other global powers, straining foreign investments and trade. The sanctions, however, pushed India to adopt self-reliant economic strategies, strengthening its resilience.

Despite the fallout, the nuclear status ensured a stronger national defense and deterrence against external threats. Over time, it also paved the way for peaceful applications of nuclear energy, including electricity generation and medical advancements. By asserting its sovereignty, India not only secured its borders but also unlocked avenues for technological growth and energy security

1999 – Golden Quadrilateral Project Paves the Way

On January 6, 1999, Prime Minister Atal Bihari Vajpayee initiated the Golden Quadrilateral (GQ) project, a transformative infrastructure endeavor connecting India’s four major metropolitan cities—Mumbai, Delhi, Chennai, and Kolkata. Spanning 5,864 kilometers, the network of four- and six-lane highways aimed to revolutionize transportation, reduce travel time, and boost trade. The project officially began in 2001 and was completed in 2012 at a cost of ₹308.5 billion, almost half the initial estimate of ₹600 billion.

Beyond its cost-effectiveness, the GQ project symbolized India’s economic ambitions, enhancing connectivity across industrial and agricultural hubs. It also included India’s first controlled-access toll road, the Mumbai-Pune Expressway. The GQ remains a cornerstone of India’s infrastructure growth, fueling economic expansion and regional integration.

2000 – Formation of IRDA and India’s Demographic Power

India’s insurance sector transformed in 2000 with the establishment of the Insurance Regulatory and Development Authority (IRDA), which opened the market to private players. This move spurred competition, introduced innovative products, and improved consumer options in life and general insurance. Today, India boasts a thriving insurance industry, with the sector’s premium income crossing ₹10 lakh crore in 2023, reflecting its robust growth trajectory.

Simultaneously, India marked its billionth citizen in 2000, signaling the rise of a demographic powerhouse. Now home to over 1.4 billion people, with a median age of 28 years, India’s youthful workforce has become a key driver of global growth. This demographic dividend positions the nation as a superpower in innovation, technology, and economic potential.

2001 – Ketan Parekh Stock Market Scam Rocks India

The Indian stock market faced another jolt in 2001, nearly a decade after the Harshad Mehta scandal. Chartered Accountant Ketan Parekh, dubbed the “Bombay Bull,” manipulated stocks through insider trading and bribes, siphoning off ₹1,200 crore of public funds. The Serious Fraud Investigation Office later estimated the scam’s reach at a staggering ₹40,000 crore. His operations, centered on a group of illiquid stocks known as “K-10,” shattered investor confidence and exposed regulatory loopholes.

The scam led to tighter market regulations, the rise of institutional oversight, and the Securities and Exchange Board of India (SEBI) strengthening its monitoring mechanisms, laying the groundwork for a more transparent and secure investment environment in India.

2002 – A Turning Point for India’s Disinvestment Goals

India saw renewed momentum in its disinvestment strategy in 2002, achieving nearly 25% of the ₹12,000 crore target within the first fiscal quarter. This marked a stark improvement compared to previous years, where disinvestment receipts fell drastically short of targets. The turning point came with the Tata Group acquiring a 25% stake in the state-owned Videsh Sanchar Nigam Limited (VSNL) for ₹1,440 crore, symbolizing a significant private-sector role in public enterprises.

This wave of privatization not only boosted government revenues but also unlocked greater efficiency and growth potential in strategic sectors like telecom. It paved the way for a broader debate on balancing public ownership with private investment to modernize India’s economy.

2003 – Taking Flight with India’s First Low-Cost Airline

India’s aviation landscape witnessed a revolution in 2003 with the launch of Air Deccan, the country’s first low-cost carrier. Spearheaded by GR Gopinath, a retired Indian Army captain, the airline took its maiden flight from Bangalore to Hubli, offering tickets priced 30% lower than those of traditional airlines.

Air Deccan’s no-frills model democratized air travel, making it accessible to the middle class for the first time. It ushered in an era of affordable flying and fierce competition in the aviation sector. The ripple effects of this innovation are visible today, with India boasting one of the fastest-growing aviation markets in the world, with millions of passengers choosing budget airlines every year.

2004 – ONGC’s Historic IPO Paves the Way for Indian Markets

The year 2004 marked a milestone in India’s financial landscape when Oil and Natural Gas Corporation (ONGC) launched its Initial Public Offering (IPO), raising ₹10,534 crore. This became the largest-ever public issue in India at the time. Oversubscribed 5.88 times, the IPO attracted 7.6 lakh retail investors and 350 institutional buyers, reflecting growing investor confidence in the Indian markets.

The ONGC IPO not only helped the government surpass its disinvestment target by ₹900 crore but also highlighted the potential of India’s public sector companies to create wealth for investors. Today, public issues continue to be a major driver of market activity, as India cements its status as one of the fastest-growing equity markets globally.

2005 – The Ambani Split – An End, and a New Beginning

In 2005, one of India’s most iconic family business transitions unfolded as Mukesh and Anil Ambani split the ₹99,000 crore Reliance empire, built by their visionary father, Dhirubhai Ambani. The public and high-stakes battle for control culminated in a deal brokered by matriarch Kokilaben D Ambani. Mukesh Ambani took charge of Reliance Industries and IPCL, while Anil Ambani helmed Reliance Infocomm, Reliance Energy, and Reliance Capital.

This split marked the end of an era for Reliance as a unified entity but also ignited the creation of two distinct business legacies. Today, Reliance Industries, under Mukesh Ambani’s leadership, stands as India’s largest company by market capitalization, while the split highlighted the challenges and opportunities of succession in large family-run businesses.

2006 – Transforming Rural India – The Launch of MNREGS

The Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS), launched in 2006 by the UPA government, became a game-changer for rural India. Aimed at revitalizing rural economies, it provided 100 days of guaranteed public employment in semi- or unskilled work annually. The program’s objective was not only to create jobs but also to empower rural households with increased purchasing power.

Monitored by the Ministry of Rural Development in collaboration with state governments, MGNREGS addressed critical issues like poverty alleviation and infrastructure development. Over the years, it has contributed significantly to reducing distress migration and ensuring livelihood security. Today, MGNREGS remains a cornerstone of India’s social welfare framework, serving as a vital lifeline for millions in rural areas.

2007 – Cricket Meets Entertainment – The Birth of IPL

On September 13, 2007, the Board of Control for Cricket in India (BCCI) revolutionized the game of cricket with the announcement of the Indian Premier League (IPL). Based on the emerging Twenty20 format, the IPL introduced a completely new dynamic to Indian cricket, blending sports with glitz, glamour, and commercialism like never before.

The city-based franchise model, inspired by leagues like the NBA and the English Premier League, captured the imagination of millions, creating a cricketing spectacle. By the time the IPL kicked off in 2008, it quickly gained an immense following, drawing in record-breaking audiences, both in India and internationally. Despite facing several controversies, including financial misconduct accusations against its founder Lalit Modi and a spot-fixing scandal, the IPL has only grown stronger, consistently retaining its position as the world’s premier T20 cricket league.

Today, the IPL is not just a cricket league; it’s a cultural phenomenon that continues to redefine the landscape of the sport globally, turning players into superstars and the tournament itself into a billion-dollar industry.

2008 – Tata Nano and Jaguar-Land Rover Acquisition

In 2008, Ratan Tata made two game-changing moves in the automotive world. First, he launched the Tata Nano, the world’s cheapest car, priced at ₹1 lakh. Aimed at making car ownership affordable for India’s middle class, the compact, rear-engine car garnered attention globally. However, due to low sales and perception challenges, it was discontinued in 2018.

At the same time, Tata Motors made a strategic leap into the luxury car market by acquiring British brands Jaguar and Land Rover from Ford for $2.3 billion. This acquisition marked Tata Motors’ rise on the global automotive stage, allowing the company to diversify into high-end vehicles. Together, these moves showcased Ratan Tata’s bold vision to reshape both the affordable and luxury segments of the automobile industry.

2009 – The Satyam Scam – India’s Biggest Corporate Fraud

In January 2009, Byrraju Ramalinga Raju, the co-founder and chairman of Satyam, one of India’s largest IT companies, shocked the nation by confessing to a ₹7,000 crore accounting fraud. He admitted to inflating the company’s financials, particularly cash and bank balances, in a letter to SEBI and the stock exchanges. This scandal became one of India’s most significant corporate frauds, leading to Raju’s resignation, criminal charges, and sentences for those involved.

The fallout from the scam was severe, but in 2015, Tech Mahindra acquired Satyam, rebranding it as Mahindra Satyam. The case remained in the legal system for years, with Raju and others convicted but granted bail in 2015. The Satyam scandal served as a wake-up call for corporate governance reforms in India, reshaping the regulatory landscape.

2010 – Aadhaar: Empowering India’s Identity Revolution

In 2010, India launched the Aadhaar project, a groundbreaking initiative to provide every citizen with a unique identification number. On September 29, 10 residents from Tembhli, Maharashtra, became the first recipients of the Aadhaar card, marking the beginning of a transformation in how India manages its vast population. Spearheaded by Nandan Nilekani, the biometric-based system aimed to ensure that no one was left behind in accessing essential government services, from subsidies to welfare programs.

Aadhaar revolutionized India’s public welfare infrastructure by addressing issues of fraud, inefficiency, and exclusion. It empowered millions of Indians, particularly those in rural areas, by linking identity to essential services like banking, healthcare, and education. With over a billion Aadhaar numbers issued, it has become a cornerstone of India’s digital economy, fostering financial inclusion, and enabling more transparent and targeted delivery of government benefits.

2011 – InMobi: India’s First Unicorn and Tech Startup Trailblazer

In 2011, InMobi, founded by Naveen Tewari and his team in Bengaluru, achieved a milestone that would redefine India’s startup landscape. Originally launched as mkhoj in 2007, the company pivoted to mobile advertising in 2008, marking the beginning of its rise. By 2011, InMobi became India’s first unicorn—reaching a valuation of over $1 billion—cementing its position as a leader in mobile advertising.

This achievement was a pivotal moment for India’s startup ecosystem, paving the way for more tech startups to scale globally. InMobi’s success showed that homegrown companies could innovate on the world stage, inspiring countless entrepreneurs. Today, India has over 100 unicorns, with the startup ecosystem valued at over $300 billion. InMobi’s legacy is alive in a thriving tech landscape, including companies like Zomato, Byju’s, and Swiggy, that continue to drive India’s digital revolution.

2012 – Kingfisher Airlines: A Symbol of India’s Aviation Crisis

In 2012, Kingfisher Airlines, once a major player in India’s aviation industry, faced suspension of its operating license by the Directorate General of Civil Aviation (DGCA). Controlled by Vijay Mallya, the airline had failed to maintain a “safe, efficient, and reliable service,” accumulating staggering debts of $2.49 billion and losses of $1.9 billion. Despite numerous attempts to revive its operations, Kingfisher never took to the skies again after the DGCA’s suspension on October 20, 2012, marking a major collapse in Indian aviation.

The fall of Kingfisher triggered a wave of financial crises within the sector, leading to the shutdowns of several other airlines. Airlines like Air Deccan, which pioneered low-cost travel, and Paramount Airways faced financial ruin and closures. Others, such as Jet Airways, struggled to stay afloat and were forced into sale, including a takeover by the UAE’s Etihad Airways. The crisis laid bare systemic issues in the industry, including mismanagement, high operational costs, and regulatory hurdles, leading to significant changes in India’s aviation landscape.

2013 – India’s Mangalyaan: A Historic Leap into Space Exploration

On November 5, 2013, India’s space agency ISRO achieved a historic milestone with the successful launch of Mangalyaan, its maiden Mars Orbiter Mission (MOM). The mission, which took off from Sriharikota, marked India as the first Asian nation to send a probe to Mars and the first to achieve Martian orbit on its very first attempt—an incredibly complex feat in space exploration. Mangalyaan’s successful entry into Mars’ orbit was a testament to India’s growing capabilities in space science and technology.

Mangalyaan made groundbreaking contributions to Mars research, including the unique ability to capture images of the entire Martian disc in a single frame, as well as the far side of Deimos, one of Mars’ moons. This achievement showcased India’s prowess in space exploration, elevating its global standing and paving the way for future interplanetary missions.

2014 – Modi’s Historic Victory and the Launch of Make in India

In 2014, Narendra Modi led the Bharatiya Janata Party (BJP) to an unprecedented victory in the general elections, securing a decisive mandate and forming the government with the National Democratic Alliance (NDA). Modi’s ascension to power marked a new era for India, with promises of economic reforms, infrastructural development, and improved governance. His leadership sparked a wave of optimism as the country looked forward to significant changes aimed at bolstering economic growth and revitalizing key sectors.

In his first Independence Day speech, Modi launched the Make in India campaign, an ambitious initiative aimed at transforming India into a global manufacturing hub. The campaign’s goal was to attract international companies to establish manufacturing plants in India, thus driving economic growth and creating millions of jobs. Modi envisioned India as a powerhouse for producing goods for the world, which would not only boost the country’s manufacturing sector but also position it as a competitive player in global markets.

2015 – Digital India: Transforming the Nation into a Digital Economy

On July 1, 2015, Prime Minister Narendra Modi launched the Digital India campaign with the aim of transforming India into a digitally empowered society and knowledge economy. At the time, only 19% of the population had internet access, and just 15% owned mobile phones. The ambitious initiative sought to provide universal access to government services through digital platforms, ensuring the efficient delivery of public services such as e-education, e-health, and the Digital Locker system. With over ₹1 lakh crore allocated for the programme, it focused on bridging the digital divide and creating an inclusive digital infrastructure across the nation.

Today, the Digital India initiative has made significant strides, contributing to India’s status as one of the world’s fastest-growing digital economies. Over 800 million people are now internet users, and India leads in mobile data consumption globally. The country’s digital infrastructure has enabled innovative solutions in sectors ranging from finance to healthcare, making India a global leader in digital transformation.

2016 – Demonetisation: A Step Towards Digital Economy

On November 8, 2016, Prime Minister Narendra Modi’s surprise announcement of demonetising ₹500 and ₹1,000 currency notes led to the invalidation of 86% of India’s circulating currency. The government’s objective was to tackle corruption, black money, and counterfeit currency, while promoting a cashless economy. While the full impact on these issues remains debated, one clear beneficiary of this move was the digital payments sector, particularly mobile wallet companies like Paytm. The launch of the Unified Payments Interface (UPI) also provided a major push to online transactions, simplifying digital payments for consumers and businesses alike.

Today, the ubiquity of UPI in India is undeniable, with even the smallest vendors accepting digital payments through this platform. While demonetisation had its challenges, it undeniably played a significant role in accelerating the adoption of digital payment methods across the country, contributing to India’s rise as a global leader in digital transactions.

2017 – GST: A Landmark Reform in India’s Tax System

In 2017, India witnessed the historic implementation of the Goods and Services Tax (GST), a tax reform that had been in the making for over a decade. Finance Minister Arun Jaitley hailed it as a revolutionary move, replacing a convoluted system of state and federal levies with a unified, value-added tax. While the initial rollout faced challenges and led to grievances from various sectors, the government responded by reducing taxes on hundreds of items and simplifying filing requirements for small businesses.

Over time, the GST system has become more streamlined, and monthly revenues continue to rise as businesses adapt. With continuous reforms, GST has played a crucial role in fostering greater transparency and compliance in the business world, making it easier to track transactions and minimizing tax evasion. This monumental step has paved the way for a more organized and efficient business environment, with even more reforms expected in the future.

2018 – A Landmark Victory for LGBTQ Rights: Section 377 Decriminalised

In 2018, the Supreme Court of India delivered a historic judgment, decriminalizing Section 377, the colonial-era law that criminalized consensual homosexual sex. In a unanimous verdict, the five-judge bench declared that the law was unconstitutional, affirming the fundamental rights of the LGBT community to equality, dignity, privacy, and self-expression. This monumental ruling marked the culmination of a two-decade-long legal battle, representing a significant victory for India’s LGBT community.

The decriminalization of Section 377 has far-reaching implications for Indian society and economy. It fosters inclusivity, encouraging diversity in workplaces and leading to more progressive corporate cultures. As businesses in India adopt more inclusive practices, the country’s global reputation is enhanced, attracting international investment, especially from firms that value diversity and equality. This ruling paves the way for further legal and societal reforms, making India more competitive in the global economy and reinforcing its commitment to human rights.

2019 – Jammu & Kashmir’s Full Integration with India: A New Era of Growth and Development

In 2019, the government of India took a historic step by abrogating Article 370, which granted Jammu & Kashmir special autonomy. This bold move, following the Bharatiya Janata Party’s decisive victory in the Lok Sabha elections, aimed to bring uniformity, accelerate development, and enhance national security. Along with the abrogation, the region was reorganized into two Union Territories, with Jammu & Kashmir retaining the promise of statehood following a delimitation process. Ladakh, however, remains a Union Territory.

This landmark decision has already begun to bear fruit, with Jammu & Kashmir witnessing an economic revival. As of 2023, the region has attracted over ₹12,000 crore in investment, creating more than 2.5 lakh new jobs in sectors such as tourism, agriculture, and manufacturing. The tourism sector, in particular, has flourished, with an increase of 30% in tourist arrivals, reaching over 1.5 million visitors annually. Key infrastructure projects, including the Jammu-Srinagar highway and new industrial hubs, are transforming the region. Additionally, Jammu & Kashmir has seen a rise in exports, particularly in handicrafts, horticulture, and saffron, with the export value growing by 40% in the past year. With a focus on sustainable growth, the region is set to become a major economic engine for the country in the years to come.

2020 – Covid-19 Pandemic: A Nation Confronts the Crisis and Emerges Stronger

On March 24, 2020, Prime Minister Narendra Modi announced a nationwide 21-day lockdown to curb the spread of the Covid-19 pandemic, marking the beginning of one of the most challenging times for India. This unprecedented move, while essential for public health, severely impacted the economy. India’s GDP contracted by 7.3% in FY21, the worst performance since Independence. The lockdown led to widespread job losses, with an estimated 113,998 migrant workers heading back to rural areas due to halted economic activity in urban centers. The disruption in sectors such as manufacturing, retail, and services caused massive financial strain, with millions facing financial insecurity.

However, India’s resilience came to the fore in the fight against the pandemic. The government, in collaboration with corporates and healthcare sectors, launched one of the largest and most efficient vaccination drives in the world. By mid-2021, India had successfully administered over a billion vaccine doses, a feat made possible through partnerships with domestic vaccine manufacturers like Serum Institute of India and Bharat Biotech. Corporate giants, from tech companies to automobile manufacturers, supported efforts by providing financial resources, medical equipment, and facilitating vaccine distribution. Industries also pivoted to assist in the production of essential supplies, including PPE kits, ventilators, and sanitizers. The nation’s unified approach helped stem the crisis and paved the way for an economic recovery, with India now on a path to returning to pre-pandemic growth levels.

2021 – The Year of Unicorns & IPOs – India’s Startup Boom

2021 marked a groundbreaking year for India’s startup ecosystem, with the nation emerging as the third-largest startup hub globally. By the end of the year, India boasted 79 unicorns, with a remarkable 42 of them being added in just that year. This growth spanned across sectors like fintech, edtech, proptech, and crypto, with companies such as CoinDCX, founded by Sumit Gupta and Neeraj Khandelwal, reaching valuations of $82.1 billion. The startup boom was fueled by rising investments and an explosion in incubators, transforming India into a hotspot for entrepreneurial innovation.

The surge in unicorns coincided with a record number of IPOs, especially from emerging sectors like fintech and consumer tech. Companies like Zomato, Paytm, Nykaa, and Policybazaar raised a collective ₹39,000 crore through their public offerings. Nykaa’s Falguni Nayar became India’s richest self-made woman post-IPO, while Paytm’s IPO, despite initial excitement, experienced a negative return of 38.24%, illustrating the volatility of emerging market IPOs. Despite such setbacks, the year epitomized the vibrancy of India’s startup ecosystem and its growing importance on the global stage.

2022 – A Milestone in Made-in-India iPhones – A Growing Manufacturing Powerhouse

In 2022, Apple achieved a significant milestone in India by shipping over 1 million iPhones during the first quarter of FY22, marking a key achievement in the company’s manufacturing journey in India, which began in 2017. Contractors like Foxconn and Wistron played a pivotal role in driving this success. The share of locally made iPhones in Apple’s portfolio saw a 50% year-on-year increase, underscoring India’s rising importance as a hub for smartphone production. This momentum continued into Q2, where Apple’s shipments reached 1.2 million units, achieving a remarkable 94% growth compared to the previous year.

India’s success in mobile manufacturing mirrors its broader trend in boosting its manufacturing and export capabilities. The country’s manufacturing sector has experienced significant growth, with a 10.3% increase in production value in FY24, as reported by the Ministry of Statistics. In line with initiatives like Make in India, the country is increasingly becoming a global manufacturing powerhouse. India’s export of goods also rose by 6% in FY24, with a sharp rise in electronics and mobile exports, further cementing the country’s position as a key player in global supply chains.

2023 – Women’s Reservation Bill – A Landmark Step Towards Gender Equality

In 2023, the Indian government introduced the Women’s Reservation Bill (Nari Shakti Vandan Adhiniyam), aiming to allocate 33% of seats in the Lok Sabha and state legislative assemblies to women. This historic step strives to enhance female representation in politics, ensuring a more inclusive governance system.

Simultaneously, the corporate sector has made significant strides in promoting women empowerment. Companies like Infosys, Wipro, and TCS have prioritized gender diversity, with more women holding leadership roles. As of FY25, women occupy 27% of leadership positions in India Inc., reflecting a growing commitment to gender equality. Furthermore, over 70% of organizations have adopted policies addressing gender pay gaps and ensuring equal career growth opportunities. These efforts mark substantial progress in achieving gender equality both in politics and business.

2024 – Modi’s Third Term: A Catalyst for Economic Growth and Geopolitical Balance in 2024

In 2024, Prime Minister Narendra Modi’s return to power for a third term signifies continued economic growth, with a focus on infrastructure development, digital innovation, and international trade. India’s GDP has maintained a strong trajectory, with FY24 expected to show a growth rate of approximately 6.5%. This stability has been crucial for the corporate world, with India Inc. seeing steady growth, although the stock market faced some challenges in the latter part of the year due to foreign institutional investors (FII) pulling back.

India has also showcased diplomatic finesse, maintaining a neutral stance in the Ukraine-Russia and Israel-Hamas conflicts while balancing strategic partnerships globally. With elections reshaping leadership in various countries, India’s consistent approach has bolstered its geopolitical influence, reinforcing its status as a major global player, especially in the tech and manufacturing sectors.

India’s Optimistic Future: Economic Growth and Corporate Innovation in 2025

As we step into 2025, the future looks promising for India and its corporate world. With the possible return of Donald Trump to power in the U.S., global trade dynamics may shift, but India stands poised to benefit from its growing economic clout and strategic partnerships. On the home front, India’s push towards renewable energy and electric vehicles (EVs) is gaining momentum, with increased investments and infrastructure development, making the country a key player in global sustainability efforts.

The government’s continued focus on Atmanirbhar Bharat (self-reliance) is set to boost manufacturing and innovation across sectors. PM Modi’s Vision 2047 will lay the groundwork for an even more prosperous and self-sufficient India, paving the way for more corporate opportunities and growth. With a resilient economy and a strong foundation, India’s corporate sector is on a path to flourish in 2025 and beyond.

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