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Economy Of India
in General Discussions

A few days ago, when talking to an the assembled chief ministers of India’s states, Prime Minister Narendra Modi declared that he wanted India to be a “$5 trillion economy” by 2024, when he once again faces reelection. This would, he said, be “challenging, but achievable.”Modi could never be accused of lacking ambition, but the fact is that getting India’s GDP to $5 trillion in five years will be far more challenging than achievable. India is, currently, a $2.8 trillion economy; to reach the $5 trillion mark by 2024, the economy would require nominal growth in dollar terms of over 12% a year. To put this in context, in the last quarter for which data is available, India grew at slower than 6% in real terms — and, if you believe the Modi government’s own former top economist, that data is flawed and India may well be growing a few percentage points less than that.


If India does very little — a “business-as-usual” scenario — it will, indeed, continue to grow. Growth, if the skeptics are right, will be moderate by Indian standards. If it grows closer to 6% a year in dollar terms, then the Indian economy will only hit $5 trillion in output a decade from now, far longer than Modi wants. 

 


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    It is better to aim for the Everest, you will at least end up reaching the foothills rather than be pessimistic. Nehru's each 5 year plan took more than a decade to become a reality. India is one of the largest economies in the world and a very vibrant one. No doubt we are now facing the imact of a global slowdown which might turn into a recession. We need a 8% growth to reach 5 trillion economy and we as citizens have to contribute rather than criticize to make it a reality. Sadly ours is  a nation where everyone becomes an armchair critic but try their level best to evade taxes and where only 1.5% of the population pay direct taxes on their income, which does not help the government .

    Pay no mind to those who talk behind your back, it simply means that you are two steps ahead !!!

    Thank you said by: jabeen
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    Sadly everyone is now a blind bhakt here. India is, currently, a $2.8 trillion economy; to reach the $5 trillion mark by 2024, theeconomy would require nominal growth in dollar terms of over 12% a year.

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    ACommonMan wrote:

    Sadly everyone is now a blind bhakt here. India is, currently, a $2.8 trillion economy; to reach the $5 trillion mark by 2024, theeconomy would require nominal growth in dollar terms of over 12% a year.

    Yes we are bhakts here but we are not blind. We are not blind to how the presnet government works as compared to previous ones, of which, you too are a blind bhakt! We have kept our eyes open and so has the world ! As to the economy growth rate you talk about, it takes a long time to clean mess left by previous corrupt buffoons.

    "I am free of all prejudice. I hate everyone equally."
    - W. C. Fields :)

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    ACommonMan wrote:

    Sadly everyone is now a blind bhakt here. India is, currently, a $2.8 trillion economy; to reach the $5 trillion mark by 2024, theeconomy would require nominal growth in dollar terms of over 12% a year.

    First of all I don't know who these blind bhakts are that you speak about? Coming to the topic , we have to be clear about terminologies. PM Modi has said that he WANTED India to become a 5 trillion economy ....there is nothing wrong in being ambitious for your nation. The past two years we have had the lowest growth of a little over 6 percent. But according to experts this could escalate to 8 percent and more in the coming years..

    Pay no mind to those who talk behind your back, it simply means that you are two steps ahead !!!

    Thank you said by: Kalyani Nandurkar
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    Economy is not coming down just in our Country, I think you know that. I am not clear about the tweaks done in calculation of GDP, so i will not talk about it.

    Life is like a boat in a sea, there is a lot to learn, so never close your mind to your limited experiences!

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    Do u know about 

    1.B.S Yediyurappa

    2.Reddy Brothers of Bellary

    3.HImanta Biswa Sarma.

    4. Shivraj Singh Chauhan

    5.Mukul Roy

    6.Ramesh Pokhriyal

    7.Narayan Rane

     

     

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    For next 3 years the expected GDP would be 7.5%.. Your experts are wrong 

    He also wanted the black money and give us back our money .. oops may be congress didnt allowed him to do that

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    ACommonMan wrote:

    Do u know about 

    1.B.S Yediyurappa

    2.Reddy Brothers of Bellary

    3.HImanta Biswa Sarma.

    4. Shivraj Singh Chauhan

    5.Mukul Roy

    6.Ramesh Pokhriyal

    7.Narayan Rane

    Why not be fair and all such people from other parties too? By the way, which state do you belong to?

    "I am free of all prejudice. I hate everyone equally."
    - W. C. Fields :)

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    ACommonMan wrote:

    For next 3 years the expected GDP would be 7.5%.. Your experts are wrong 

    He also wanted the black money and give us back our money .. oops may be congress didnt allowed him to do that

    He never told that he will give back our money.

    https://www.opindia.com/2019/04/modi-governments-surgical-strikes-on-black-money-a-multi-pronged-systematic-approach-that-has-been-cleansing-corruption-effectively/

    This Articles should bring some clarity as to what happened during demonitization.

    Life is like a boat in a sea, there is a lot to learn, so never close your mind to your limited experiences!

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    ACommonMan wrote:

    Do u know about 

    1.B.S Yediyurappa

    2.Reddy Brothers of Bellary

    3.HImanta Biswa Sarma.

    4. Shivraj Singh Chauhan

    5.Mukul Roy

    6.Ramesh Pokhriyal

    7.Narayan Rane

    I am not sure where are you heading to by mentioning these names? But coming back to topic we are certainly going to try the target announced by PM Modi in next 4-5 years. After all you never achieve any target unless you try for it. There is a saying that be prepared for the opportunity while it knock at your door and grab it in both of your hands or else it will go and knock someone else's door. 

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