Viewpoint: Getting to a $ 5 trillion economy

20 JAN,2020 | MEDC


 

The Indian economy has been facing a slowdown for quite some time now. The sharp deceleration in growth may have dominated the headlines, but what is more worrying are the worsening fault lines, declining investment and agrarian distress plaguing the economy. The government is trying to rectify the situation, but the results have been largely mixed. On the flip side, India has in the last five years grown at an average of 7.5%, and over the past 15 yearsover 300 million people have been lifted above the poverty line. However, to be a $ 5 trillion economy by 2024-25, our real GDP needs to grow at an average of about 8.3% to 8.4%. This is not impossible, but we need to become an export dependent economy to facilitate the process. Institutions should be safeguarded and insulated from political interference. Under no conditions should the judiciary be undermined and a rule-based trading atmosphere should pervade the economy. Climate change is predicted to hit Indian agriculture hard, and thus impact livelihoods and economic growth, especially in rural areas. Our farmers need to be educated on how best to deal with it. Basic education and healthcare facilities should be made available to the masses, if incomes are to rise on a sustainable basis. Enough water has already flown under the bridge and now we don’t have the luxury of time. As the past cannot be altered, the future has to be invented as creatively as imagination (and the realities of the current socioeconomic situation) will allow. Indians are some of the best policymakers in the world and the ball is now in their court.

 

*Photo Credit: Google

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