How realistic is Prime Minister Modi’s target of making India a $5 trillion economy by 2024
India’s Prime Minister Mr Narendra Modi has declared his vision of making India a $5 trillion economy by 2024. The hallmark of visionary leaders is that they set audacious targets and then achieve them. However, the roadmap to achieve this goal is not devoid of its share of challenges. A deeper look into the current economic situation and required growth rates to achieve this milestone would reveal that this would be a “stretch goal” which is achievable but not without significant action on economic reforms.
As per the published data from the International Monetary Fund (IMF), India’s GDP in 2018 was $2.7 trillion. IMF forecast for India’s GDP in 2024 is $4.7 trillion. These estimates are in-line with Morgan Stanley which forecasts India’s GDP to touch $5 trillion by 2025.