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These 'problems’ may hinder in India’s becoming the third largest economy

Saturday - July 13, 2019 1:59 pm , Category : WTN SPECIAL
India to be the world's largest economy by 2025 - report
India to be the world's largest economy by 2025 - report

If found 'control' on the problems, then India to become the world's third largest economy

JULY 13 (WTN) - As you know that India is one of the fastest growing economies in the world. For your information, let you know that India is currently the 6th largest economy in the world. Due to the policies of the Modi Government, India can leave the UK behind in 2019-20, and become the world's 5th largest economy. The IHS market has released a report in this regard. It has been said by praising India's economic progress in this report that by 2025, India would be the third largest economy in the world by outdistancing Japan. But this goal is not so easy, because there are many problems before India to achieve this goal. What are the problems that can have to face to become the third largest economy in the world, let us analyze this?

IHS Markets estimate that in the year 2019, India's economy will outdistance the UK. If India succeeds in doing so, India will become the world's 5th largest economy. The report says that India's GDP will reach $ 5,900 billion by 2015, which is much higher than the target set by the government.

If this happens and India's economy is more than $ 5,900 billion, then India will be the world's third largest economy. The report estimates that the size of the Indian consumer market will be $ 3,600 billion by the year 2025, which is currently $ 1,900 billion in 2019.

In the second term of the Modi Government, the Finance Ministry has said in its latest Annual Economic Review that the Indian economy is aiming at 5 trillion ($ 5 billion) by 2025. The finance ministry has also targeted to include India in the world's high middle income groups in economic review with this.

The IHS said, “India's ranking is rapidly growing in the list of the world's big economies in its report. Not only that the share of India's global GDP growth is also increasing, but it indicates also that India has now become a major economic powerhouse of the world.” It has been said in the report that the Consumer Market of India is also growing rapidly. The role of an economic growth engine in the Asia Pacific region of India is also increasing due to India's Consumer Market growing. This will help the Asian sector to increase trade and investment flow from India.

But the report says that it will not be easy for India to achieve its goals. That’s why, because India will have to emphasize various investments, savings and exports in its new economic roadmap in order to achieve these goals and to speed up the economic growth in the next five years. This goal is easy to say for the fast growing Indian economy, but there should not any barrier in achieving these goals, so India will have to rein in the growing population, corruption, red tapism on its own. If India succeeds in doing so, surely India will be the world's third largest economy by 2025.

There are some problems in India's economic development, which will have to be removed from India as soon as possible so that India can achieve its economic development target without any interruption in the time. The government's fiscal deficit remains a major problem in India's GDP growth. Generally fiscal deficit increases due to public welfare schemes run by governments. However, from time to time the governments continue to claim that they will keep the fiscal deficit within a range, but these promises of governments have always been proved as failures due to they had to spend money on the public welfare schemes.

If there is to speed up the economic development of the country at the same time, then slow growth, lower growth in government revenue and higher growth in the expenditure are also cause of concern. There is still a lot of work to be done in the country to create a business friendly environment for foreign inverters. Now the BJP-led NDA Government is in the absolute majority at this time. The Modi Government will have to pay an immediate attention towards the policy reforms so that foreign investment can get a secure and accessible environment in such a situation. The government should make every effort to ensure that there should be more foreign investment in the country. If Modi Government succeeds in removing these problems, then India can easily become the world's third largest economy by 2025 according to the report.