Explaining how India can achieve the ambitious target of becoming a $5 trillion economy in the next five years, Indian Prime Minister Narendra Modi has hit out at those who sow the seeds of doubt over the plan.
Achieving the goal is not such a difficult task, he said. To do so, India has to raise per capita income, which will in turn boost purchasing power and the rise of demand, further triggering an expansion in services.
Farmers could also contribute to economic success. In his speech, Modi said the government is seeking to create an environment for export of agricultural products as it views farmers “as exporters and beyond just being producer of food.”
Earlier this week, India rolled out a road map to reach the $5 trillion objective, laid down by the prime minister in mid-June. On Friday, Indian Finance Minister Nirmala Sitharaman presented her maiden Union Budget to parliament.
In her speech presenting the economic plan for 2019-20, she said the country is set to become a $3 trillion economy by the end of the 2019.
The budget stipulates a continuation of structural reforms and heavy investment in infrastructure and digital economy to make India a $5 trillion economy.
Economic growth should be driven by a “virtuous cycle” of savings, investment, and exports, according a the survey. According to Nasdaq analysts, it is in the top-5, and is expected to grow at 7.4% till 2021.
As global economic growth cools down and is expected to grow at the slowest pace in three years this year (2.6%), India remains one of the fastest growing economies in the world.
RT. com / ABC Flash Point News 2019.
