Q. India's shot at becoming a $5 trillion economy by 2024 cannot be met without becoming the manufacturing base for the World's consumption. What are the major steps by our Government along with various ministries in this direction?
Printer-friendly versionSend to friend
Replied by Amb DP Srivastava

To expect fast economic growth, while world faces the risk of recession in the wake of Covid situation, is unrealistic. ‘The target of becoming a $ 5 trillion economy was announced before the world got caught up in Covid situation. This crisis is beyond the control of any country. This is likely to result in contraction of world economy. The Government has taken a number of steps to revive the economy while extending the lock-down. This includes fiscal package of 1.3 trillion rupees. This is expected to be enhanced further. RBI is simultaneously trying to give monetary stimulus by bringing down the interest rates. RBI and the Government are also encouraging the Banks to increase credit off-take by reducing reverse repo rate. Manufacturing accounts for around 16 percent of GDP. Increase in its share of the GDP will not be enough and other sectors including services and agriculture will also have to contribute, particularly since they account for most of the population. Government also has a target for job creation.

Date : 24/04/2020
Contact Us