India Dreams of a 5 Trillion Dollar Economy: is it a Myth or Reality? Economy: is it a Myth or Reality?
ECONOMY / K.Venkateshwar. Rao 12 AUGUST 2019 With the country’s unemployment rate rising to a 45-year high at 6.1% in 2017/18 fiscal year, slowdown in the agriculture growth rate, and declining GDP growth rate, can India achieve the great Indian dream of a 5 trillion US dollar economy by 2024? Reports of slowdown in the global economy cast a shadow on the government’s target. Whereas the Annual Report 2018-19 of the Department for Promotion of Industry and Internal Trade (DPIIT), states that India has received the highest-ever FDI inflow of $64.37 billion during the fiscal ended March 2019 and FDI worth $286 billion in the past five years. This presents India as a bright spot for investment and vindicates the governments target of USD 5 trillion economy by 2024. Economists and subject matter experts termed the target as ambitious but achievable with reforms and a higher growth rate. Chief economic advisor to the government of India, K V Subramanian said, “Even though the