Can India be a 5 Trillion Economy by 2024?
India has been steadily growing amid lots of ups and downs. In fact, Bharat has transformed into India. When India got Freedom, its economy was quite insufficient to even feed its people properly and until 1991, it was not able to compete with the outer world. The country has witnessed a rapid growth after the Indian economy had been declared liberal; it is now an open market. The domestic market is now able to compete successfully with multi-national companies thus expanding their horizon bringing a lot of growth opportunities in the country. At present, India is 2.70 Trillion Economy which by 2024, it is assumed to have become a 5 Trillion Economy. It is viable on the basis of the following facts.
India is going digital very fast; internet connectivity has reached out to 627 Million people and in the coming years, National Digital Literacy Mission (NDLM) has set the target to make at least one person from each household digitally literate. It is achieving its target very fast. India will have become an enormous digital resource by 2024 which will pave the way for 5 Trillion Economy.
India comprises 65 Million Micro, Small and Medium Enterprises (MSMs) which create 120 million jobs. They procure around 30 percent of total employment. In the country, to make them much more employment-generating, the government has undertaken several transformational reforms in this sector very recently. These reforms are making India a manufacturing hub from which India exports would touch newer heights and thus generating a lot of foreign currencies.
Prime Minister Narendra Modi has resolved to double the income of farmers by 2022. In order to reach the target, the Government has launched many schemes. One of the steps that the Government has taken is towards selling farmers’ produce at a better price and linking them with electronic farmers’ market place. It is an irony that the services sector, India contributes 56.5% of GDP but creates only 30% of jobs. The Government is focusing on the expansion of the services sector and generating thereby a number of job opportunities proportionally. India has a lot of potential in this sector and by 2024, its contribution to the GDP will increase considerably bringing India to a 5 Trillion Dollar Economy.
However, India has a lot of challenges to face. Its GDP Growth rate is around 6% which must increase by around 9%.