Indian Prime Minister Modi confident India set to become a $5 trillion economy by 2024

New Delhi: Prime Minister Narendra Modi expressed confidence, ‘Although the goal to make India, a $5 trillion economy, by 2024, is very challenging, it can be achieved if appropriate cooperation is received from the Indian states.’ In his inaugural address at the fifth meeting of the planning commission NITI Aayog, Prime Minister Modi appealed to the states to take the initiative in implementing the government’s schemes and to give an impetus to exports.

Chief ministers of all the states except the West Bengal, Punjab and Telangana, were present for the planning commission’s meeting. The size of India’s economy has grown to $2.75 trillion in March. India would overtake the United Kingdom and is believed to become the fifth largest economy in the current year itself. In the present scenario, the Prime Minister has expressed confidence that it was possible to achieve the target of making India a $5 trillion economy.

trillion economy, india, modiThe Prime Minister claimed that ‘The states should take the initiative and implement the Centre’s schemes effectively. It is important to boost exports. Also, it is important to provide an impetus to the process of the agricultural produce than the product itself. If that happens, it will be possible to double the income of the farmers.’ The Prime Minister said that along with constructive reforms in the agricultural sector, it is vital to provide an impetus to investment in the industry sector and development of infrastructural facilities.

Prime Minister said that a speedy but balanced development process is required to counter the threat of Naxalites. Meanwhile, India’s GDP growth has declined, and concerns are being expressed the slowdown in employment generation. Former Chief Economic Advisor, Arvind Subramaniam claimed that the GDP was overestimated by 2.5% and flawed, and thus is it projected as being higher than the real figure.

As per Subramaniam, the growth rate declared for the period between 2011-12 and 2016-17, is nearly 2.5% higher than the actual figures. He, therefore, claimed that this was the very reason for the increasing unemployment, despite a high growth rate and the other indices of the economy also were not making satisfactory progress. Extensive discussions started on the subject, among the economists, following Subramaniam’s claims. Some of the economists even presented figures negating these claims.

In India, employment in the unorganised sector is more than the organised sector. Some economists have warned that the debates on the economy cannot be held taking into account only the organised sector. However, most of the economists concurred that more research was needed on the subject.

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