As 2024 comes to a close, let’s revisit the most significant events and developments that shaped the year across various sectors in India and globally.
Energy and Environment
- Global Climate Action: The 29th UN Climate Change Conference (COP29) saw countries doubling down on renewable energy commitments, with India pledging to increase its solar capacity by 40% by 2030.
Energy Transition in India: India continued its push towards renewable energy, achieving a record-breaking 200 GW of installed renewable capacity while extending the operational mandate for coal-based power plants to meet short-term energy needs.
Natural Disasters: Cyclone “Mandovi” impacted coastal India, bringing attention to the urgent need for disaster-resilient infrastructure and climate adaptation measures.
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Economic Growth and Policy
- India's Economic Surge: Despite global uncertainties, India remained one of the fastest-growing economies, with an expected growth rate of 6.5%. The revival of rural demand and strong private consumption drove this momentum.
- Global Inflation Concerns: Rising global inflation impacted industries, but India’s proactive monetary policies helped mitigate its effects on exports and manufacturing.
- Digital Rupee Rollout: The Reserve Bank of India expanded the use of the Digital Rupee in retail, boosting digital transactions and financial inclusion.
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Technology and Innovation
- India’s Space Advancements: 2024 was monumental for India’s space sector, with ISRO successfully conducting its first manned space mission under the Gaganyaan program and receiving proposals for satellite constellations aimed at defense and infrastructure.
- AI and Startups: The Indian tech ecosystem saw a surge in AI-powered startups focusing on healthcare, agri-tech, and education, further positioning India as a global innovation hub.
- Global Tech Regulations: Major economies implemented stricter data privacy and AI regulations, impacting global tech companies operating in India.
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Sports Highlights
- Cricket Glory: The Indian cricket team triumphed in the ICC T20 World Cup, defeating England in a thrilling final. Emerging stars like Nitish Kumar Reddy gained recognition.
- Olympic Preparations: With the 2024 Paris Olympics underway, India achieved a record medal tally, showcasing strength in wrestling, shooting, and badminton.
- Football Fever: India hosted the AFC Asian Cup, garnering attention as Sunil Chhetri played his final tournament, marking the end of an era.
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Society and Culture
- Women’s Reservation Bill: India passed the historic Women’s Reservation Bill, reserving 33% of seats in Parliament and state legislatures for women, a major milestone in gender equality.
- Cultural Revival: The year saw the grand opening of the Ram Temple in Ayodhya and the resurgence of regional cinema in global festivals.
- Global Health Progress: India became a frontrunner in producing affordable vaccines for infectious diseases, solidifying its status as the "pharmacy of the world."
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Global Geopolitics
India’s G20 Presidency Legacy: India’s successful G20 Presidency in 2023 continued to influence global policies, especially on climate finance and digital transformation in 2024.
- Indo-Pacific Developments: Strengthened partnerships with Japan, Australia, and the US bolstered India’s role in the Indo-Pacific region, ensuring a balance of power amidst China’s assertiveness.
- Russia-Ukraine Conflict: The prolonged conflict affected global energy and food supply chains, with India playing a mediator’s role in peace talks.
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Looking Ahead
As we step into 2025, the achievements and challenges of 2024 pave the way for further progress in technology, economic resilience, and societal advancements. From historic legislation to sporting triumphs, 2024 was a year of milestones and transformation.
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