As India becomes fifth largest economy, Five trillion economy seems a reality now


India has achieved another feat by becoming the fifth largest economy of the world. Under the dynamic and visionary leadership of Prime Minister Shri Narendra Modi, India has been adding feathers after feathers to its cap, making the nation proud at international forums. There is no doubt that India is mesmerising the world with its newfound vigour, energy and aspirations to scale newer heights with every passing day. The commitment of the Modi government to take the nation forward is getting reflected in a new work culture and strong determination to realise the full potential of the nation on all fronts. The results are also encouraging with a number of achievements on various spheres of activities kindling a new hope in the heart of every Indian who are now moving ahead with confidence. A new India is beaming with the hope of charting a glorious journey towards its bright future.

Becoming the fifth largest economy is an achievement which is making every Indian proud. India has moved ahead of France and UK to become an economy having GDP of 2.94 trillion USD. It is a mark which according to experts has been decisively established and India is set to move ahead from here in the years to come. It was not long back that India was ranked at ninth position in 2010 and within ten years India has leapfrogged itself to fifth position now. In the last five years India has become around one trillion bigger economy setting the pace for India’s increasing share in the world economy in the days to come. As India has embarked on its journey for 5 trillion USD economy, the pace of development and growth is set to increase unleashing the huge potential of the nation’s economy. In Purchasing Power Partiy (PPP) India is already considered to be more than 10.51 trillion USD economy, the third largest in the world after US and China. So far the figures of nominal GDP are concerned India is now at fifth place after US, China, Japan and Germany. India is supposed to improve its position further once it becomes a 5 trillion USD economy in the years to come.

India has set a wonderful example for the other countries in the world in heralding an era of ‘reform, perform and transform’ under the visionary leadership of Prime Minister Shri Narendra Modi. India has come a long way in addressing the basic necessities of the life by working on the principle of ‘Antyodaya’ while addressing the problems of poorest of the poor in the society. It is the result of such continuous efforts that poverty has substantially reduced in the country and around 160 million people have been taken out of poverty in the last six years. The poverty which was 21.2% in 2011 was estimated to be just 6.3% in 2018, which is considered to be a huge achievement for the country. India has become a country which has scored on almost all parameters of development on international standards and became a symbol of hope and confidence for the people around the world.

The innovative schemes such as Jan Dhan, Swachta Mission, Ayushman Bharat, PM-Kisan Samman Nidhi, Ujjwala, Ujala, PM Awas Yojana along with many more have brought new empowerment to the poorest sections of the society. In addition to these, special emphasis given on rural economy along with agriculture and heavy investment on country’s infrastructure with a long term vision is creating new waves of development and new success stories in the country. The result of the reforms are for everyone to see as India scored big on the parameters of ‘Ease of Doing Business’ with soaring forex reserve in the country. India is now writing its own growth story with confidence under the leadership of Prime Minister Shri Narendra Modi who is keen to transform the Indian dream into reality by achieving the goals of ‘New India’. As India has become the fifth largest economy in the world, the dream of becoming a 5 trillion USD economy by 2024 seems a reality now.

shivshakti@kamalsandesh.org