India's Race Towards $5trillion Economy

Proposed by the present government as the key objective of Budget 2019, is achieving a 5 trillion dollar economy a dream or reality?

- Dr. Jyotsna Joshi

The government has put forth a bold key objective to transmute India from a $3 trillion economy in 2019 to a $5 trillion economy by 2025. Dreams need actions to turn them into reality. Along with the implementation of social programs that were orated by Honourable Finance Minister, Nirmala Sitharaman, much more has to be done to achieve the vision, which is difficult but attainable.

This budget is an allusive attempt of the government to showcase its next five-year plan of doubling the economy. India’s growth is boosted by various reasons in the past, but there is an utter requirement of taking various steps to stimulate growth, increase consumption, create jobs and much, much more. India has all the ingredients to become a superpower all it needs is a focused vision and a strong push.

Within few years span of time, India has shown progressive improvements, looking at the World Development Indicators database starting from 2014 to 2017, Indian economy’s share in the world has increased from 2.6 percent in 2014 to 3.2 percent in 2017. The average growth of the Indian economy during 2014-15 to 2017-18 was 7.3 percent, the fastest among the major economies in the world.

How India is going to achieve it?

The young English speaking population with low dependency ratio, healthy savings, and investment rates, and increasing integration into the global economy, etc altogether let the wheel of GDP moving at a faster pace and presents a positive picture of the future economy.