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Modernization and Digitization

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.