Page 55 - Abhivruddhi

India’s Economic goal by 2024
Government of India has made clear its agenda to drive India to a $5
trillion economy by 2024. Technology, digitization, and modernization
will have a great role in pulling up the economy to $5 trillion levels. At
present, India is an economy of about $ 2.6 trillion. So, it needs to about
doubling its economy within 5 years and quadruple by the next eight
years.
The Five Trillion-dollar economic target by 2024 was set prior to the
pandemic. It now seems a little difficult for India to achieve $5 trillion
economy by 2024 It is anticipated that this target may be achieved by 2026
instead.

Basic pillars of growth
In order to revive the Indian economy, crippled by the coronavirus
pandemic the Finance Minister offered a realistic and reliable solution
that will work for the Indian scenario. The six dimensions of these
solutions are –
1. Health and well-being
2. Physical and financial capital and infrastructure
3. Inclusive development
4. Human capital
5. Innovation and
6. Minimum government and maximum governance
The lockdown imposed to control the uncontrolled and extensive
spread of the coronavirus in March 2020, also impacted the economic
activities severely, bring them to a near grinding halt. This also caused a
sharp contraction in the GDP in two successive quarters of FY21, pushing
the economy into a further recessionary phase.

Government Initiatives
Pace of Infrastructural Growth
India will achieve the target by 2026. Covid-19 and the subsequent
looming shadows of the lockdowns is one of the reasons why achieving
the target of 2024 looks challenging at this juncture.
Several efforts from the Government’s end are already in operation to
improve the economy.
Our Honourable PM, Mr. Narendra Modi and the Government of
India, along with the initiative of all the ministers and administration
contributed to control the COVID situation very well. It was an enormous

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