Making India a 5 Trillion Dollar Economy: What, Why- The path ahead
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Date
2022-06-01
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Chainany E-Journal
Abstract
India is on the path to be a 5 Trillion US$ economy by the FY27. The growth process
must be inclusive all sectors of economy and all people with their different aptitude. Though
the growth is a matter of a country, many macro factors which decide international economic
scenario must be considered when we set the growth target. Being an economy of such big
size will have many domestic and global implications for India. Economic and political
stability, diasporic effect, impact on economic polarization of world shall play their role in
the whole journey to reach the target. This article discusses some aspects like the meaning of
economic growth, implications of economic growth and factors that need to be addressed at
the time of achieving the growth. The time limit for settled target has revisited by national
economic experts and international organization like International Monetary Fund. India is a
diverse country with diversity in culture and geographic position. It is a gigantic task to join
all these diverse factors with synchronicity. It requires structural change in the society by
their attitude and perseverance. International financial relation and stability, share of India in
international trade are such indicators that can be watched to stay on the path Therefore the
growth process is not a phenomenon, but a process like development that bring change in
socio-economic structure.