As the GDP growth has come down to the lowest in 70 years, India faces a huge economic crisis in the current fiscal year. All thanks to the covid-19 pandemic and the lockdown that followed. But amidst the panic amongst the economic strategists and financial advisors of the higher hierarchy, our very own Prime Minister Mr. Narendra Modi said in an interview that he is confident to restore the economy to $5 trillion by the year 2024. Now, is that possible? The question that sparked debate amongst Netizens.
Modi’s pre-planned lockdown
PM Modi consoled the common people of India with his $5 trillion economy plan by 2024. He said in an interview, “Reforms across sectors such as coal, agriculture, labor, defense, civil aviation and so on have been undertaken which will help us get back on the high growth path that we were on before the crisis.” He also said that he had planned the lockdown and the after-effects of it when he announced the lockdown back in April. He further added, “We not only got the broad timing of various phases of lockdown right, but we also got the unlock processes right and much of our economy is also coming back on track. The data for August and September indicates that.”
The economic crisis
Since the pandemic had set in India and the lockdown declared by the government, this country has suffered a huge economic crisis. It can be seen in all sectors of the nation, be it amongst the riches or the poor. But timely aid from the government and help from different groups and individuals have helped people sail through these tough times. Amidst all these, India has suffered a record fall in its GDP rate. It has stooped lowest in 70 years’ time and now it has affected millions of Indians at a go. But even if we are suffering from such an economic crisis, or PM gives us hope that we will surge back to being one of the world’s highest economies within a few years.
What about the previous targets?
On this account, PM Modi said, “We met the rural sanitation target before the deadline, we met the village electrification target before the deadline, we met the 8 crores Ujjwala connections target too well before the deadline. So, going by our track record and continuing reforms, people also have confidence in our abilities to reach the target.” Thus, we can see the confidence in our PM and we get hopes from him that maybe we are going to see better days by 2024.
The PolicyTimes suggestion
- The GDP is falling down aggressively and to boost the economy, there have to be certain approved plans and goals so that it does not fail. The $5 trillion economy plan by PM Modi must also be well proofed so that it does not crash.
- Our prime minister must ensure that the common people should also get the benefit from his plan. The rise in the economy must be beneficial across all sections of life rather than just benefitting the richer people.