Page 129 - Abhivruddhi

Henry Ford famously said, “Whether you think you can, or you think
you can’t – you’re right”.
As India marches towards the goal of becoming a five trillion-dollar
economy it is worthwhile to understand how this idea has permeated into
the collective consciousness of people.
The present article explores perceptions about making India a five
trillion-dollar economy.
Perceptions are created through our experiences. Often, they determine
the success or failure of any initiative. The collective experiences of
consumers, businesses, investors, and governments contribute towards a
general perception of India becoming a five trillion-dollar economy. In
addition, print and broadcast media have a significant impact on creating
perceptions.

Perceptions from Industry
The author has interviewed 9 senior management professionals across
different industry sectors to understand their perceptions about India
becoming a five trillion-dollar economy. The industry sectors represented
include BFSI, Retail, Construction, Education and Logistics.
The themes that emerged from interviews with senior management
professionals are discussed in the following paragraphs.
All agreed that the target of becoming a five trillion-dollar economy
by 2024 was highly ambitious and 2026-27 was a more realistic target.
Factors that have set the economy back include pandemic and its resultant
impact especially on the service sector, and the ongoing crisis in Ukraine.
On the flip side it was felt that opening of defense sector to private players
and economic incentives to MSME sector will give a fillip to economic
growth.

Key Sectors and their role
Respondents opined that the key sectors contributing towards economic
growth will be Manufacturing (especially electronics and engineering
goods), IT, Infrastructure and BFSI sector followed by Pharmaceuticals,
Healthcare, Automotive and Textiles sectors. Microchips and renewable
energy were endorsed as promising sectors for the future.
Respondents believed that PLI (Productivity-Linked Incentives)
scheme will give a boost to manufacturing activity. Further, it was felt
that infrastructure development will have a multiplier effect – on the one
hand it will enable rural employment, and on the other, this will enhance

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