23 MAR,2020 | MEDC
Only a few countries, largely in East Asia, have grown rapidly enough to bridge most of the economic gap with the Western World in a single generation. Our goal of becoming a $ 5 trillion economy by 2024 is an important step in that direction, but it will need a degree of sustained growth which will not be easy to achieve. This is precisely where policy – fiscal, monetary and regulatory – needs to enter the picture. Policy cannot stop the spread of the pandemic but it can cushion its impact and ensure that the interruption to economic growth is minimized. If the global economy goes into recession, India will not be able to fully escape the storm. We need to reduce our protectionist tendencies, and, through necessary reforms – real and financial – attempt to become a global contender for international investment. That is a key strategy for us to achieve the sustained economic growth necessary for realising our ambitious goals.
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