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Know how India can become a $ 5 trillion economy?

Saturday - October 5, 2019 10:05 am , Category : WTN SPECIAL
India's GDP remains currently $ 2.61 trillion
India's GDP remains currently $ 2.61 trillion

No difficulties for India in achieving the target of a $ 5 trillion economy!

OCT 05 (WTN) - Gradually, but India's economic power is increasing day by day. The Indian economy is currently the 6th largest economy in the world. Ever since the victory in the 2019 Lok Sabha elections, Prime Minister Narendra Modi has set a target of increasing India's economy to $ 5 trillion by 2025. Ever since Prime Minister Modi has spoken about the $ 5 trillion economy, the opposition has been questioning the government on what basis Prime Minister Modi is saying that the Indian economy will become a $ 5 trillion economy by the year 2025? At the same time, the opposition is asking the Modi Government, what are the schemes that the government has, based on which the government is dreaming and showing a $ 5 trillion economy.

Prime Minister Modi is talking about a $ 5 trillion economy. By the way, surly Prime Minister Modi has some concrete plan on the basis of which he is talking about a $ 5 trillion economy. India's opposition may be joking about Prime Minister Modi's $ 5 trillion economy target while opposition playing its duty of opposing, but World Economic Forum (WEF) President Børge Brende says that India is ready to become the $ 5,000 billion economy in the next 5 years, and after that in the next 15 years, India may become a $ 10,000 billion economy.

In a blog written on Prime Minister Narendra Modi's website www.narendramodi.in, Børge Brende says that India's stature has grown globally with decisive leadership potential. In his blog, Brende writes, "Global economic growth is likely to be one per cent lower than projected, which is very close to the global recession of the early 2000s. But contrary to all this, the economic situation of South Asia is getting stronger, which includes India.”

In fact, the Indian Economy has made a quantum jump, due to which India dominates the global rank what it has attained. India has demonstrated its commitment to renewable energy and its leadership potential on the issue of climate change, playing a leading role in the Paris Climate Agreement and the International Solar Alliance. It is clear that this is an indication that India has now come to the level of leadership in the whole world.

The achievements that India has secured in the economic field are possible only in a democratic country like India. India is currently a young country, that is, most of the country's population is under 45 years of age. It is clear that when half the population of India is of working age, then it is a very beneficial situation for the country. For your information, let us know that India has climbed to the 52nd position in this year's World Innovation Index to join those countries which have continuously improved their position in the last nine years.

Some economists in the world believe that India has so much potential that it can achieve its goal of becoming a $ 5 trillion economy in the coming five years. This is why, because India has its own specific demographic benefits, while technological efficiency and innovation, India can strengthen its political, economic and strategic position globally by adopting the technologies of the Fourth Industrial Revolution.

If India is to achieve the goal of a $ 5 trillion economy, India will have to make efforts and improve it domestically. Due to this, India has to give priority to its domestic structural reforms and development work. At the same time, India will have to create a business friendly environment for foreign investment. By the way, India has increased the confidence of investors by jumping 65 places in the list of Ease of Doing Business, on the basis of which it can be said that if India continues to grow in a planned manner, then the $ 5 trillion economy can be achieved.

For your information, let us tell you that the US economy is currently at the top with $ 19.39 trillion. China, with a GDP of $ 12.01 trillion, occupies the second position. Japan's GDP is $ 4.87 trillion, Germany's $ 3.68 trillion, Britain's $ 2.62 trillion and India's GDP $ 2.61 trillion.
 
Clearly, to become a $ 5 trillion economy, India will have to nearly double its current GDP in the coming 5 years. It is not that India cannot achieve this difficult goal. For your information, let you know that in the year 1980, the Indian economy was just 189.438 billion dollars and was 13th in the global level. But from 1980 to 2019, in these 39 years, India has brought its economy up to $ 2.61 trillion by improving its economic policies, controlling the population and attracting foreign investment.

For your information, let us know that India has always been an agricultural country. The agricultural sector had the largest share of India's GDP since independence, for many years. But over time the share of agriculture sector in the Indian economy has been decreasing. This is why, because the services sector and industry and manufacturing sector have strengthened in the last few years in the country.

Statistics show that the contribution of the services sector to India's GDP is currently around 55 per cent. At the same time, the contribution of industry and manufacturing sector is about 30 per cent of the Indian GDP, while the contribution of agriculture sector in the Indian economy is reduced to only about 15 per cent. It is clear that India can achieve the goal of $ 5 trillion economy on the basis of service sector and industries, because growing industries have increased India's export capacity, while high savings rate, favorable demographics and growing educated middle classes can prove to be the biggest help in achieving this goal.