IBEF: July 15, 2019
India will this year overtake the UK to turn into the world's fifth greatest economy and is ready to surpass Japan to be the third largest in 2025.
In May 2019, the re-election of BJP government which is led by Prime Minister Mr Narendra Modi to second term of office, in economic survey 2019-2020, the Ministry of Finance has allocated an economic roadmap to 2025.As per the Survey, the major goal is to transform India from a US$ 3 trillion economy in 2019 to a US$ 5 trillion economy by 2025.
Indian GDP will reach US$ 5.9 trillion in 2025, once the India will overtake the UK to become the world’s fifth largest economy in 2019, surpassing Japanese GDP to make India the world's third-largest economy.
India was positioned 77 out of 190 countries that are incorporated on the World Bank's Ease of Doing Business Index for 2019. The role of investment is viewed as a basic empowering influence for development, rapid productivity growth and new innovation, boosting employment growth.
The size of the Indian buyer market is forecast to increase from $1.9 trillion in 2019 to $3.6 trillion by 2025.
But to accomplish this goal, the country's new economic roadmap features the significance of making a virtuous cycle of investment, funds and exports in order to maintain rapid economic growth over the next five years.
"Despite the wide range of economic challenges facing the country, in second term of BJP government- led by Modi, the economic outlook looks positive, with GDP growth forecast to average around 7 per cent per year over the 2019-2023 period”.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.