Viewpoint: A $ 5 trillion economy

15 JUL,2019 | MEDC


 

There is an official desire to make India a $ 5 trillion economy by 2024. Not only is it a symbolic gesture which sounds good, but it also seems feasible. However, the bitter truth is that things are going to get worse before they get better. To begin with, this year’s monsoon is surely a cause for concern. Even if private investment revives, and the NBFC issue is resolved, we are looking at about two years more of uncertainty. A vital factor is meeting the tax collection targets, to ensure that fiscal consolidation remains on course. There should also be enough disposable income in the hands of people to boost public spending, and thus jumpstart economic growth. The budget has proposed many small enhancements across a wide range of sectors, and the key is to skilfully coordinate their synergies to unleash the animal spirits that would ultimately boost private investment and spur economic growth. The vision is challenging, but achievable.

*Photo Credit: Google

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