Page 153 - Abhivruddhi

In 2019, honorable prime minister of India, Shri Narendra Modi
envisioned making India a $5 trillion economy. He also set a goal to
make India a global economic powerhouse by 2024-25. Soon India
surpassed France to become 6 largest economy of the world. If $5
th
trillion economy target is achieved India is likely to become the third
largest economy in the world. The GDP of an economy is formulated
by diverse economic activities primarily classified into three productive
sectors i.e agriculture, industry and services making them pillars of
growth and catalyst for fulfilling of this dream. High level breakup of the
target is to achieve $1 trillion from agriculture and allied activities, $1
trillion from manufacturing and $3 trillion from services [1]. Strategy
envisions creating a globally competitive Indian industry that is modern,
sustainable and inclusive. With better understanding of the aspirations
and the potential, sectoral sub-groups have been formed to take the task
forward. The Working group with participation from government and
industry was tasked to develop a roadmap towards achieving a $5 trillion
economy by 2025.
Covid out-break however, has changed the dynamics completely.
India’s economy was $2.7 trillion in 2019 and likely to be $3.1 trillion
by end of March 22, very modest gain over 3 years. India needs a faster
rate of growth to make up for the loss in the previous two years to meet
this ambitious objective. Global uncertainty, disrupted trade and 5-10%
depreciation in rupees per dollar makes it even more difficult to achieve
this target.

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