When India will become 5 trillion dollar Economy?
Is this really possible?
The Modi government has kept a target of 5 trillion-dollar economy by 2024. This announcement by our honourable Prime Minister Narendra Modiji on 15th August 2019 during Independence Day speech from the Red Fort. 5 trillion dollars economy is a very positive and big goal but it is achievable, so let's understand the Current situation.
What is min to become 5 Trillion Dollars Economy?
If by 2024 India's GDP Is $5 Trillion. India's Per Capita GDP would be $4 (₹280) because of population problem.
because of India's 5 trillion dollar India's economy will be more strong, India have its own domestic company, more job opportunities, good infrastructure, good place for FDI.
After achieving this goal India will become those few country who have achieve 5 trillion dollar economy, India will rank 4th after those country.
5 Trillion Dollar Economy Club:
1) US- 21 Trillion Dollar
2) China- 15 Trillion Dollar
3) Japan- 5 Trillion Dollar
*economy as per IME data
Now see where we are here, in the present scenario India facing show down GDP 4.7% (2019)
388 Billion Dollar (1996)
500 Billion Dollar (2002)
920 Billion Dollar (2006)
1 Trillion Dollar (2007)
2.3 Trillion Dollar (2016)
2.7 Trillion Dollar (2018)
If we see the history and historical trends then we saw now any situation India GDP will go glow
Inflation hovers at around 4% to 4.2% per year (Hence real GDP growth 7.6% to 7.8% per year)
The Inflation rate of 3.05 in August 2018
INR depreclates at no more than 2% per year against USD
If we saw global economy , we should notice
world economy is expected to grow at its slowest pace since the financial crisis of 2008.
about 70% of Indian exports come from the manufacturing sector new manufacturing opportunities will allow India to become part of few global value chain and help in rising exports to a trillion dollar mark.
service contribution to 56.5 percent of GDP but create only 30% of job so far, IT sector has been a star, exporting over 80% of its 150 billion Turnover.
India need a strong society.
PM Modi has already lead the foundation for providing basic things to every Indian citizen by 2021 every Indian will have a roof over their head, food on their table, a gas connection.
move people from agriculture to industry or services. Infrastructure, developing and supply chain,jobs and skilling urbanisation, tax and justice, digital economy, empower big cities, Good Governance.
As government know they have to utilise democratic dividend, there are many program as PM Vikas Yojana, skill India, startup India etc.
Government proposed to provide 99,3000 crore for education sector in 2020-21 and 3000 crore for skill development.
This is really a positive movement.
Is this really possible?
The Modi government has kept a target of 5 trillion-dollar economy by 2024. This announcement by our honourable Prime Minister Narendra Modiji on 15th August 2019 during Independence Day speech from the Red Fort. 5 trillion dollars economy is a very positive and big goal but it is achievable, so let's understand the Current situation.
What is min to become 5 Trillion Dollars Economy?
If by 2024 India's GDP Is $5 Trillion. India's Per Capita GDP would be $4 (₹280) because of population problem.
because of India's 5 trillion dollar India's economy will be more strong, India have its own domestic company, more job opportunities, good infrastructure, good place for FDI.
After achieving this goal India will become those few country who have achieve 5 trillion dollar economy, India will rank 4th after those country.
5 Trillion Dollar Economy Club:
1) US- 21 Trillion Dollar
2) China- 15 Trillion Dollar
3) Japan- 5 Trillion Dollar
*economy as per IME data
Now see where we are here, in the present scenario India facing show down GDP 4.7% (2019)
388 Billion Dollar (1996)
500 Billion Dollar (2002)
920 Billion Dollar (2006)
1 Trillion Dollar (2007)
2.3 Trillion Dollar (2016)
2.7 Trillion Dollar (2018)
If we see the history and historical trends then we saw now any situation India GDP will go glow
Inflation hovers at around 4% to 4.2% per year (Hence real GDP growth 7.6% to 7.8% per year)
The Inflation rate of 3.05 in August 2018
INR depreclates at no more than 2% per year against USD
If we saw global economy , we should notice
- US is facing a slow down.
- China industrial output is at 17.5 year low.
- Germany is facing a recession.
- France growth is declining across industries.
- Britain investment are down to 17 year low.
- Japan factory output has slumped.
- Australia GDP growth is at 20 years low.
- Singapore is facing a recession.
- South Korea exports and down for 8 consecutive month.
world economy is expected to grow at its slowest pace since the financial crisis of 2008.
about 70% of Indian exports come from the manufacturing sector new manufacturing opportunities will allow India to become part of few global value chain and help in rising exports to a trillion dollar mark.
service contribution to 56.5 percent of GDP but create only 30% of job so far, IT sector has been a star, exporting over 80% of its 150 billion Turnover.
India need a strong society.
move people from agriculture to industry or services. Infrastructure, developing and supply chain,jobs and skilling urbanisation, tax and justice, digital economy, empower big cities, Good Governance.
As government know they have to utilise democratic dividend, there are many program as PM Vikas Yojana, skill India, startup India etc.
Government proposed to provide 99,3000 crore for education sector in 2020-21 and 3000 crore for skill development.
This is really a positive movement.
Hope you understand what i am trying to say. Thanks for visiting, I really appreciate your time. God bless you.
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