Is $5 trillion economy target achievable by 2025 ?

ESSAY

 Is $5 trillion economy target achievable by 2025??

Honorable Prime Minister's making India a $5 trillion economy and a global powerhouse by 2024-25 is challenging but a realizable one, said by Finance Minister. $5 trillion is the size of our economy as measured by the annual Gross Domestic Product. 

India was a $1.7 trillion economy when NDA government came into regime, and now it has become a $2.7 trillion economy, having added one trillion in five years.  India Needs to grow at a rate of 7.5% per year in order to achieve our target, however economic survey says india achieved growth rate of 5% in FY19-20 and projected growth rate of 6-6.5% for FY20-21. 

At present COVID-19 has impacted the growth across the world. Surpassing this issue GOI needs to focus on reviving the economy by boosting its investment in all the three sectors viz manufacturing, service, agriculture.  Boosting the economy can be done by means of reducing interest rate, cutting tax on corporate tax etc.

Even though our economy is going through a struggling phase, our target is achievable if it attains a real GDP growth rate of 8% per annum. Reviving MSME Sector, increasing share of women in labour force, easing our industrial norms, are some of measures that can be taken to achieve our goal.