With a ‘high jump’ and $5 trillion target, PM Modi hints major reforms soon

Prime Minister Narendra Modi on Thursday reiterated his government’s resolve to make India a $5 trillion economy in the five years through several initiatives, including Rs 100 lakh crore investment in infrastructure, making policy environment more predictable and pushing for ‘Make in India’ with special emphasis on rural economy, and micro, small and medium enterprises (MSMEs).

 

In the last 70 years we became a 2 trillion-dollar economy, but in the last five years, we added 1 trillion dollars to the economy. This gives me the confidence of becoming a $5 trillion economy in the coming years, PM Modi said in his Independence Day speech.

 

The government had announced its intent to make India a $5 trillion economy in the budget last month. The Indian economy will grow to become a 3 trillion dollar economy in the current year. It is now the sixth largest in the world. Five years ago, it was at the 11th position, finance minister Nirmala Sitharaman had said in her budget speech.

 

He said fundamentals of the Indian economy are very strong, the reason for his confidence to achieve the target. “Today, the government in India is stable, policy regime is predictable...the world is eager to explore trade with India. We are working to keep prices under check and increase development, he said.

 

PM Modi hinted at major economic reforms in future based on global best practices that would hasten the growth. India does not want incremental progress. A high jump is needed; our thought process has to be expanded. We have to keep in mind global best practices and build good systems, he said.