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The hardworking of PM Modi results, India to become the world's fifth largest economy by the end of the year

Tuesday - June 4, 2019 12:34 pm , Category : WTN SPECIAL
India to achieve the position of the fifth largest economy by surpassing Britain
India to achieve the position of the fifth largest economy by surpassing Britain

Dealing with challenges, Prime Minister Modi gives a new dimension to the Indian economy

JUNE 04 (WTN) - In its first term, the Modi Government has done a lot of work to smooth the economy of India; the result has now started to appear. If the Modi Government continues to grow the Indian economy with the same policy and intention, India can become the fifth largest economy of the world by surpassing Britain in the coming days.

According to a report by IHS Markets, the economic scenario is quite positive in the second term of the Modi Government. It is being said that if the Modi Government has taken the concrete decisions on the right time for the restoration of the economy, then the average growth rate of the GDP, during the year 2019-23, is estimated to be around 7 per cent. That is, if the wheels of the development run continue, India could become the second largest economy in Asia Pacific region by 2025 by surpassing Japan.
 
It can be considered as an achievement of the Modi Government, by the end of this year, the Indian economy will be the fifth largest economy in the world. At present, the economy of America, China, Japan, Germany and the United Kingdom is ahead of Indian economy. It is speculated that by the end of the year, India's GDP will move beyond $3,000 billion, and thus India will surprise the UK. For your information, let you know that the US economy is the world's largest economy with $ 19.39 trillion GDP currently. China's GDP is $ 12.01 trillion, Japan's $ 4.87 trillion, Germany's $ 3.68 trillion and Britain's $ 2.62 trillion. India's GDP is currently at sixth place with $ 2.61 trillion.
 
In the first five years of the Modi Government, the ranking of India's economy has improved. It has been estimated in the report that in the next five years, Indian economy will continue to grow and India's contribution to global GDP will also increase. Currently India has the third place in the world with $ 9.45 trillion in purchasing power based GDP.
 
For your information, let you know that the share of manufacturing sector in India's GDP is just 18 per cent. It is being said that if India has to give more speed to its GDP, then it will have to bring 25% of the manufacturing sector contribution in GDP, which was a target. Talk to the service sector, there has been a significant increase in the service sector in India for the past few years, but the contribution of the agriculture sector in the Indian GDP is gradually decreasing. At present, the contribution of agriculture sector to India's GDP has reached only 17 per cent. However, agricultural sector's contribution to GDP of India is still much higher than in other countries.
 
According to the economists, if India has to accelerate its economy, then it will have to increase exports, least depending on imports, increase savings rate and control the population. In the coming times, the challenge before the Modi Government is to provide opportunities for employment in the manufacturing sector and services sector for the growing population. The best transport system and the smooth availability of electricity are of great importance to run the economy smoothly. In the next five years, the Modi Government has to pay attention to both of these.
 
To increase the economy of any country, there is considerable importance of Ease of Doing Business. India's rank in the year of 2019's was 77th in 190 countries in Ease of Doing Business index, which is much more than the other developing countries. Compared to India, Turkey's ranking is 43, China's 46 and Mexico's 54. Improving the ranking of India in Ease of Doing Business is a challenge for the Modi Government, as the more reforms it gets; there will be more foreign investment to India. However, compared to the predecessor Manmohan Singh's Government, Modi Government has done a lot of work in this area, which results in the ranking of India was 42 in 189 countries in 2015, now it has come to 77 in 190 countries.
 
In his first term, Prime Minister Modi did a lot of work to improve the Indian economy, including the implementation of GST. But the challenges are further ahead of which Modi Government will have to face. Growing population and providing employment accordingly is a huge challenge for the Modi Government. At the same time, the challenges like smoothly crude oil supply after the ban on Iran, the strength of rupee against US dollar and boost in exports will be before the Modi Government, now it is important to know, how will the Modi Government face with these challenges?