The development of a nation is a challenging task. Creating a stable economy is one of the main challenges India faces. Our economy has grown by 7.5% in the last five years. The current situation of the country reflects an economy preparing for a massive downfall.
The Economy Newsmedia are looking to see if the country will grow in the next 5 years. The challenge lies in India achieving 8% to 9% growth per annum for it to reach stability. The Modi government promises a $5 trillion economy by the end of 2024. It may seem far-fetched but the plans that are being laid out by the government will beg to differ.
India is the world’s fifth-largest economy with a GDP that nears $2.94 trillion. It is an amazing accomplishment. The country has managed to push aside, UK and France.
What measures have the Cabinet taken to create a five trillion-dollar economy?
ETV Business News learns that PM Narendra Modi is strengthening the famous ‘Make in India’ project. He also seeks to uplift local enterprises as a measure to achieve this set goal.
In the recent budget announcements, the Finance Minister, Nirmala Sitharaman presented an in-depth budget plan. The government has set up many goals for the next 5 years. The aspiration has influenced the discourse of our cabinet members. People are eager to see what they have in plan.
Propelling Infrastructure and Electronics: The main plan of action that the Modi Government is pursuing is Infrastructure. It is being revealed that Rs.102 lakh crore infrastructure projects are being planned for the next five years. The Government will allot adequate funding to develop the investment sector. They believe the improvement in infrastructure will increase the investments. The country could potentially take in revenue the next few years.
Another plan of action is transforming our country into an electronic hub. This will contribute in high rates to the GDP.
Rural Upliftment: As mentioned, the focus on the rural economies are being prioritized. Provisions to promote horticulture, pisciculture, farming, and so on is being given importance. The goal of the 5 trillion plan is also to make the citizens richer and to promote a stable lifestyle.
Encouraging Business: The finance minister praised businessmen in the recent budget announcements. She stated that they “create wealth and jobs”. Business is being made easier. The government plans on promoting exports by removing the red tapes. They are a hindrance to the export and import sector. It will be relatively easier to start a business as the procedures are being made simpler. This action is being taken in hopes that there will be a rise in the employment sector.
Additional Measures: Furthermore, the Government plans to improve governance in the public sector. This is being undertaken to reduce “wasteful” expenditure in ministries across the country.
The committee working towards achieving this target goal for the economy consists of the Prime Minister Narendra Modi, Home Minister Amit Shah, Highways and MSME Minister Nitin Gadkari, Finance Minister Nirmala Sitharaman and Commerce and Railways Piyush Goyal.
Additionally, the Department of Expenditure in the Ministry of Finance, the Department of Personnel and Training as well as the Commerce Ministry will be monitoring the above-mentioned measures that the Government is implying.
The challenges and obstacles present in this long-term plan are hard to overcome. In hopes that the Government creates a stimulating economy without creating further adversity. We, as the public, will have to watch and see the plans fall into place.