How far is the way to make India a 5 trillion dollar economy? What should the government do to increase GDP?
The results of elections in five states are telling, the magic of PM Modi is still intact in the center. If we say in the words of the Prime Minister himself, the figures of 2022 are showing the way to 2024 is open. Even if we do not talk about the final semi-finals, then at least this much can be said that till two years before the Lok Sabha elections, no wave is visible against the power. In such a situation, the way is clearly visible to make India’s economy the third largest economy in the world. If PM Modi wants, he can take big economic decisions without fear of election. Now it does not appear to be happening again in any other economic reform. The government can take tough and necessary decisions. The country’s economy is currently worth three and a half trillion dollars and PM Modi’s dream is that by 2024, India’s economy should become 5 trillion dollars. But there are many obstacles in its way-
- Demand due to Corona
- Supply due to Corona
- Demand due to Corona Decline in
- Instability due to Ukraine war
- Inflation due to war
The country’s government faces many challenges But it is also certain that one day India’s economy has to be five trillion, so why not today. There will be a need to bring the supply demand graph back on track within the country as soon as possible. At the same time, there will be a need to emphasize self-reliance to protect against international inflation. The Prime Minister’s Vocal for Local can also prove to be a big mantra for the country’s economy to get out of today’s situation.
What needs to be done to increase GDP br /> The central government needs to do many major economic reforms in the country to increase the GDP. Such as changes in the bankruptcy code, necessary reforms in labor laws, corporate profit tax, industrial relations code. The government of the country also needs to work fast on privatization and disinvestment. This will help in increasing the employment as well as increasing the business. There are also many other challenges that the government needs to show strength to face.
India is an economically stable and strong country, its population can run the economy of many countries in itself. . In such a situation, there is an open field in front of the government for decisions, in which there is a need to move forward by taking strong steps.