Essay Topic: 5 Trillion Economy
Economy is measured as the size of essentially $5- Trillion by the annual Gross Domestic Product (GDP). 2014 is India’s year of GDP with $1.85 trillion which becomes $2.7- trillion today and made India as the sixth – largest economy country in the world. The size of the country is measured by the annual GDP calculated. In the coming times, it is believed that India will not only reach the benchmark of this, but will also be able to become the developed nations in the world. The government of India commits to achieve a target of becoming a 5 trillion economy by 2024-2025. They don’t want to revise the budget, they are just pushing it by the various initiatives including emphasis on infrastructure are targeting towards achieving the goal of achieving it. Let us discuss this more in detail to get a clear idea how to make this possible.
Also Read: Essay on globalization of Indian economy
As the vision of achieving $5- trillion is laudable, economists are pointing to a slowing Indian economy because the gross domestic product (GDP) growth has dropped to 4.5% in the quarter of 2019-2020, a free fall has been noticed from the government’s ambitious call for a double digit growth not so long ago. The International Monetary Fund cut its estimate for the growth of 6.1% to 7% of India’s growth this year, and this growth is projected in july only. India’s economy is set to grow at 6.1% in 2019, and will pick 7% in the coming years.
It has been noticed that if we keep our nation well prepare with the upcoming evaluation and revolution with the economy, everything is possible. Before we dig down the topic, let us get straight over what all is the context for the same.
The much spoken context
Our honourable Prime Minister Sh. Narendra Modi had announced that we are hoping to get an ambitious target of about a $5 trillion economy in the coming times. By 2024, we are planning to pitch the target. As soon as we will be able to achieve the target, we will become the third in the list having the largest economy in the world.
The entire focus is to boost the service sector and bring it close to around $3 trillion. Once it will be achieved it would be easier to own another $2 trillion. How? The answer is simple. Government is expecting around $1 trillion from manufacturing and around $1 trillion from agriculture. Though looking at the current picture, it seems to be little tough. But if done religiously, it can do wonders.
Now, let us read what all steps can be taken to ensure the same.
Also Read: Essay on economic crisis due to covid 19
Steps to make it happen!
Promoting the private investments and entrepreneurial journey
Looking behind the 4 years, it has been noticed that government has supported fully small and local businesses. It helped in reforming the picture of entrepreneurship. If you too believe in the same, you must agree to the point that these can be acted as the foundation of a better and prosperous future.
Urbanization- The bigger picture
Unlike other developed countries, Urbanization has just started in India. It is expected that in the coming 5 decades, we are going to see drastic growth overall. Though, there might be new challenges in the market, but as a whole , we are ready to own it up.
Globalization to get growth
If we keep on adding the scope of globalization in our country, it could be evaluated that it can play a vital role in adding the people above the poverty line. The global export share of India is less than 2%. The nation must learn to go ahead with the higher globalization in one go. This can help in opening new doors of opportunity for the nation. And it can be beneficial for the nation, when we are expecting to touch $5 trillion.
Getting women participation actively
Gender parity needs to be given equal focus. If you wish to go ahead with success in mind, you should think of picking up the higher and active participation of women. This will help in adding valuable contributions from deserving people. And this will indeed be a new start.
If we wish, we can ! India has always been active in accepting the challenges and proving its caliber as a whole. Getting the $5 trillion economy is no longer a tough challenge. All we have to do is play our role efficiently.