INDIA'S VISION FOR FIVE TRILLION ECONOMY-A CRITICAL REVIEW

Abstract

India is one of the fastest-growing economies and is now classified as the world's seventh biggest economy with a gross domestic product (GDP) of $2.72 trillion, and the world's third largest economy when the GDP is compared based on Purchasing Power Parity (PPP) at $10.51 trillion. "The Survey differs from traditional Anglo-Saxon thought by suggesting a growth model for India in which the economy is either in a vicious cycle, and is thus never in balance. This paradigm derives from two significant deviations from conventional thought. First, the Survey breaks from the idea of equilibrium as a fundamental premise, which is increasingly being questioned in the wake of the Global Financial Crisis. Second, the conventional perspective frequently treats employment generation, consumption, exports, and economic development as independent issues (Economic-Survey 2018-19). Since 2014, the Indian economy is on a rapid growth track. India's GDP was $ 1.7 trillion in 2014, and it has grown to $ 2.7 trillion over the last five years. Adding $ 1 trillion in the last five years has spurred the country to become a $ 5-trillion economy by 2024-25. Recent projections by the International Monetary Fund (IMF) indicate that India's GDP will reach around $4.7 trillion in 2024. To reach the stated aim, India must grow at an annual rate of 8 percent and expand its exports by $1 trillion. The focus of this article is on the economic growth drivers, supported by investments, increases in productivity, job creation, demand, and exports. The paper will examine the difficulties of the current economic downturn and explore the methods required for India to grow into a $5 trillion economy in a world that is unpredictable and out of balance