Journal Press India®
India is on the path of becoming a USD 5 trillion economy by 2024. India became 1 trillion-dollar economy in 2007 and joined the club of top 10 trillion dollar economies in the world led by USA with 12 trillion dollar GDP in 2007.This journey was for 60 years after independence in 1947 but now India took only 5 years to jump from 2 trillion-dollar economy to 3 trillion-dollar economy. India was the 11th largest economy in the world in 2014 and in five years India became the fifth largest economy with USD 3 trillion in 2019-20. India will surpass Germany in 2024-25 to become 4th largest economy with USD 5 trillion GDP.
“India is the third largest economy in terms of purchasing power parity. We want India to become the third largest in terms of current US dollar prices as well. The $5 trillion target will help us achieve that,” Modi said in response to a question on whether India can become a $5 trillion economy by 2024. https://theprint.in/economy/india-can-still-become-a-5-tn-economy-by-2024-pm-modi-shows-hope-despite-covid-setback/533044/
There are different opinions about this goal by different rating agencies like as per CARE Ratings following is the estimate “Prime Minister Narendra Modi’s goal of making India a $5 trillion economy will now take a few more years to be achieved. If India’s economy grows at an annual average of 11.6 per cent during the next six years, the country’s GDP could reach $5 trillion by 2026-27.” https://www.financialexpress.com/economy/modis-5-trillion-economy-dream-may-have-to-wait-for-long-why-indias-gdp-growth-now-depends-on-banks/2113998/
It is also projected that India in 2025 will have 1.45 billion people to become the most populous country in the world and it is important for India to reap the demographic dividend as the population in the developed part of the world would be aging. Hence, this is a huge challenge as well as an opportunity for India.
Everything was going well as per plans in the beginning of 2020 but the seeds of disruption were sown in China at the end 2019 in the form of COVID-19 which was alerted by the World Health Organization on March 11, 2020 as a pandemic situation for the world. In the last nine months the world has witnessed the power of invisible entities for human life along with disrupting the way people use to work. A new normal has been set in 2020 showing the resilience of human mind to deal with any kind of uncertainty with courage and conviction. The distinction between what is essential to human life to survive and what is not essential came out very clearly during the lock down period. India has proved its superiority during this pandemic time and is still confidential to march ahead on this journey of economic development along with fighting for the survival of the humanity.
India is leading the world in the fight against COVID-19 and has made plans for Vaccine administration in 2021 and simultaneously there are intense efforts to revive the economy through several policy initiatives like Atma Nirbhar Bharat Abhiyaan.
“When India speaks of becoming self-reliant, it doesn’t advocate a self-centered system. In India’s self-reliance; there is a concern for the whole world’s happiness, cooperation and peace. Hon’ble PM, Shri Narendra Modi has announced a Rs. 20 lakh crore economic package under the ‘Aatma Nirbhar Bharat Abhiyaan’, to aid our country out of the Coronavirus crisis (by making us self-reliant).” https://aatmanirbharbharat.mygov.in/
The Five pillars of Atmanirbhar Bharat focus on:
- Economy
- Infrastructure
- System
- Vibrant Demography and
- Demand
The Five phases of Atmanirbhar Bharat are:
- Phase-I: Businesses including MSMEs
- Phase-II: Poor, including migrants and farmers
- Phase-III: Agriculture
- Phase-IV: New Horizons of Growth
- Phase-V: Government Reforms and Enablers
https://www.india.gov.in/spotlight/building-atmanirbhar-bharat-overcoming-covid-19
The complete details of five pillars and five phases are available on the website. The Government is leaving no stone unturned to reach to the goal of USD 5 trillion economy despite all odds. All of you may contribute you
This issue of DBR is scheduled to be released during XXII Annual International Conference on the broad theme Five Trillion $ Economy: The Way Ahead” Jan. 8 - 9, 2021 in the online mode as per the new normal.
I present to you the current issue of DBR and request you to share your feedback to enable us to further improve the quality of DBR.
Rtn. Prof. Ajay Kumar Singh
Editor-in-Chief – DBR
Vice Chancellor – Sri Sri University