Indian Economy: Prime Minister Narendra Modi has set forth an ambitious vision to nearly double India’s economy and exports over the next decade, according to a government document obtained by Reuters. Confident of securing victory in the upcoming national elections, PM Modi has positioned economic growth as a cornerstone of his agenda, aiming to propel India to become the world’s third-largest economy from its current fifth position.
PM Modi Aims to Double Indian Economy and Exports by 2030, Reveals Government Document
In his election rallies, PM Modi has underscored economic progress as a key achievement and has pledged to transform India’s economic landscape if he secures a third consecutive term in office, as per polls. The government document, dated October, outlines plans to expand the economy to approximately $6.69 trillion by 2030, up from the current $3.51 trillion. Although specific strategies to achieve this target are yet to be delineated, the document has provided a framework for discussions among officials.
While PM Modi had initially aimed to reach a $5 trillion economy by the current fiscal year
While PM Modi had initially aimed to reach a $5 trillion economy by the current fiscal year, disruptions caused by the COVID-19 pandemic have rendered that goal unattainable. Nonetheless, PM Modi is now focusing on raising per capita income to $4,418 from the current $2,500 over the next six years, as stated in the document. However, the document does not outline the requisite spending or reforms necessary to realize this objective.
Despite the ambitious targets, independent economist Saugata Bhattacharya has cautioned that achieving a doubling of the economy by the end of the decade would be a formidable task, necessitating sustained growth rates of 6 percent to 6.5 percent over the next seven years, coupled with inflation levels around 4.5 percent.
Requests for comments from PM Modi’s office and the finance ministry went unanswered. Nonetheless, PM Modi’s vision underscores his administration’s determination to chart a path towards robust economic growth and development for India in the years ahead.
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