Browsing Category

Economy

Business, Economy,

What can India learn from the US, China, and Japan to raise its GDP to $5 Trillion?

 

India is aiming to a $ 5 trillion GDP nation within the coming five years. Narendra Modi and his ministers have categorically told this before the Loksabha election 2019 and reaffirmed this on June 10. In a meeting with top 100 bureaucrats including all departmental secretaries, Prime Minister Narendra Modi cleared his intention to drive India to a $5 trillion economy. India has to learn from the past experiences of several developed nations like the US, China, Japan, Germany, and Israel to achieve its target of $5 trillion GDP.  

India GDP

India GDP                                                                                                                                            Source- The Wealth Ved

Piyush Goyal, the then finance minister of India, in his interim budget speech, has declared the goal to achieve it by 2024. In addition, he had a target of $ 10 billion GDP by 2032, the next eight years. BJP election manifesto has also supported the idea and documented a policy draft and road map for the same. Again, Prime Minister’s meeting with top bureaucrats on June 10, in the presence of his senior colleagues Amit Shah, Union Home Minister, Rajnath Singh, Union Defence Minister, N Sitaraman, Finance Minister and Jitendra Singh, PMO emphasized on the goal to drive India to a $5 trillion economy.  

Vardhaman Infotech, a tech company,  congratulates the PM and his cabinet for taking such decision to raise GDP India to $5 trillion! We wish the realization of the same and pledge to contribute our best.

Business, Economy,

Driving India to a $5 Trillion and $10 Trillion Economy: Modernization and Digitization

Modi 2.0 has cleared its agenda to drive India to a $5 trillion economy in coming 5 years that is by 2024. Technology, digitization, and modernization shall have a great role in pulling up the economy to $5 trillion levels. Certainly, there will be a great role of IT in this economic pull-up.  Additionally, BJP election manifesto 2019 focuses on a $ 10 trillion economy by 2032.  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. Presently, only the US and China are in $10 trillion club. In addition, Japan, the only country, has $5 trillion in GDP.  

World's biggest economies in nominal GDP 2019-20

World’s biggest economies in nominal GDP 2019-20India has shown great results in the economic front in the last decades. However, it is far behind China in GDP growth. In fact, only China had been doing better than India in the economic front and GDP growth. Now, India is number one in growth rate beating China. Surely, India will be the 4th largest economy in the world beating both the UK and Germany by 2024.  For this, Modi 2.0 has not only to maintain the growth rate but also to accelerate it at least 2 to 3 percent. Again information technology has to play a great role in this acceleration besides other measures.