NEW DELHI: India is striving to turn into a $five trillion economy and the sector's third largest consumer market via 2025, President Ram Nath Kovind said while addressing an Indian diaspora at the Greek capital of Athens on Monday. "We are working towards making India a $5 trillion economy and the world's third largest consumer market by 2025. According to the World Bank and IMF, our growth rate is going to be high," he said.
The President's assertion comes a day after Prime Minister Narendra Modi spoke on an identical lines. Speaking at the Niti Aayog's fourth assembly of Governing Council, Modi stressed out that the sector expects India to turn into a $five trillion economy quickly, consistent with a commentary via the Prime Minister's Office.
Observing that the Indian economy has grown at a wholesome fee of 7.7 consistent with cent within the fourth quarter of 2017-18, PM Modi said that the "challenge now is to take this growth rate to double digits, for which many more steps have to be taken".
HOW DO THE NUMBERS ADD UP?
President Kovind were given his math spot on when he set 2025 because the deadline to succeed in the $five trillion milestone.
India's Gross Domestic Product (GDP) doubled from $1 trillion to $2 trillion throughout 2007-14 and is these days estimated at $ 2.7 trillion. The metric of India's expansion is also gauged via the truth that the $337 billion the rustic added to its GDP between 2016 and 2017, is greater than the $323-billion added via Germany and France combined and greater than that of 158 countries together with Pakistan and Bangladesh.
So, simply put, basic number crunching reveals that if India keeps adding to its GDP at the present tempo ($337 billion) yearly, it will turn into a $five trillion economy via 2025.
The President's assertion comes a day after Prime Minister Narendra Modi spoke on an identical lines. Speaking at the Niti Aayog's fourth assembly of Governing Council, Modi stressed out that the sector expects India to turn into a $five trillion economy quickly, consistent with a commentary via the Prime Minister's Office.
Observing that the Indian economy has grown at a wholesome fee of 7.7 consistent with cent within the fourth quarter of 2017-18, PM Modi said that the "challenge now is to take this growth rate to double digits, for which many more steps have to be taken".
HOW DO THE NUMBERS ADD UP?
President Kovind were given his math spot on when he set 2025 because the deadline to succeed in the $five trillion milestone.
India's Gross Domestic Product (GDP) doubled from $1 trillion to $2 trillion throughout 2007-14 and is these days estimated at $ 2.7 trillion. The metric of India's expansion is also gauged via the truth that the $337 billion the rustic added to its GDP between 2016 and 2017, is greater than the $323-billion added via Germany and France combined and greater than that of 158 countries together with Pakistan and Bangladesh.
So, simply put, basic number crunching reveals that if India keeps adding to its GDP at the present tempo ($337 billion) yearly, it will turn into a $five trillion economy via 2025.
Why India's on the road to becoming a $5 trillion economy
![Why India's on the road to becoming a $5 trillion economy]()
Reviewed by Kailash
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June 18, 2018
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