Showing a lot of promise

While the Modi government in its second term has delivered on several promises it made in the BJP's 2019 manifesto a few such as doubling farmers' income and turning India into a $10 trillion economy by 2032 remain uphill tasks. An analysis by INDIVJAL DHASMANA

- INDIVJAL DHASMANA

As political parties prepare their manifestos for the 2024 Lok Sabha elections, it is time to assess the implementation of the major promises made by the ruling Bharatiya Janata Party (BJP) in its manifesto, called Sankalpa Patra (Charter of Commitments), ahead of the 2019 general elections:

ECONOMIC:

Promise: We aspire to make India the third largest economy in the world by 2030. This implies that we commit to making India a $5 trillion economy by 2025 and $10 trillion economy by 2032.

Status check: Covid-induced restrictions, particularly in 2020-21, delayed the timeline of making India a $5 trillion economy by almost two years. While the Indian economy may be very close to $5 trillion during 2026-27 ($4.95 trillion), it would cross this mark only during 2027-28, according to projections by the International Monetary Fund (IMF).

If IMF projections are to be believed, India would become the third-largest economy, behind the US and China, during 2027-28, overtaking Germany, almost two years ahead of the BJP's aspirations. However, if Standard & Poor's projections are to be believed, India will become the thirdlargest economy by 2030. By that time, India would be a $7.3 trillion economy.

That would mean that the economy needs to fill the gap of $2.7 trillion in almost two years to hit the $10 trillion mark by 2032 or 17.04 per cent compound annual growth rate (CAGR) in dollar terms, which looks challenging.

Promise: We have launched the Pradhan Mantri Kisan Samman Nidhi Yojana to ensure financial support to farmers owning land up to two hectares. We will further expand the coverage of the scheme to all the farmers in the country.