PM Narendra Modi recently forecasted that the size of Indian economy will double up and touch the ambitious $5 trillion mark by 2022 as agriculture and manufacturing sector will contribute $1 trillion each.
Addressing at the India International Convention and Expo Centre inauguration ceremony in New Delhi, PM Narendra Modi cited that the government will not hesitate in making bold decisions to neutralise the abruptions in economy. Referring to the recent announcement of merger of three state-owned money lenders – Bank of Baroda, Vijaya Bank and Dena bank, Modi said that the it will form third largest money lender of the country – a tough decision made by the government in interest of the nation.
Modi also said how the rollout of GST was a massively tough decision and has merged together a total of 17 different taxes into just one. Bullish about the growth, PM Modi believes that the economy will grow to over 8% rate with massive employment generation being seen in IT and retail sectors. And he forecasted that the country’s economy will double up from current $3 trillion in size and join the elite club of $5 trillion economy by 2022. The mega economic growth is foreseen due to an expected growth in manufacturing and agriculture sectors contributing $1 trillion each.
The agriculture sector will be developed and supported by new schemes and projects for farmers and wholesale dealers to boost their production and trade. Whereas the manufacturing sector will get government’s push with “Make-in-India” scheme that has already led to manufacture of 80% mobile phones within India. Not only will this improve country’s manufacturing growth, but will also create thousands of new jobs and also help the country to save about Rs 3 lakh crore worth of foreign exchange. Perhaps an ambitions pipe dream for the nation, ahead of election.