Indian Economy: Modi government has said that India will be successful in becoming a 5 trillion dollar economy in the initial phase of Amrit Kaal itself. The government itself has set a target of making India a developed economy by 2047. The government says that India will achieve this feat on the basis of macroeconomic stability and strong rupee.
India will become a developed economy by 2047
In the Question Hour in the Lok Sabha, the Finance Minister was asked whether the government is aiming at a 5 trillion dollar economy? So what will be the role of exchange rate in achieving this target? In a written reply to this question, Minister of State for Finance Pankaj Chaudhary said, 'The government is aiming to make India a developed economy by 2047. In this sequence, India will become a 5 trillion dollar economy at the beginning of Amrit Kaal. He said, India will achieve this milestone with the help of strong rupee due to macroeconomic stability.
5 trillion dollar economy in 2027-28
The Minister of State for Finance said, the exchange rate is not being ignored because it is through this that India's GDP is measured in the world. The International Monetary Fund estimates that the Indian economy will be worth $5 trillion in 2027-28 with the third largest GDP. He said, India is a market economy and the government monitors economic growth through market-based GDP and exchange rates. He said, domestic and international markets are the mechanisms that determine India's GDP, exchange rate, contribution of different sectors in GDP.
Government took many decisions in 9 years
The Minister of State for Finance said that the government also contributes to economic progress through policy interventions in the budget presented annually. He told that to increase the GDP in 9 years, the government has introduced IBC (Insolvency and Bankruptcy (IBC) Code), capitalization of public sector banks, GST, reduction in corporate tax, increase in capital expenditure, PLI, simplification of foreign investment and digital infrastructure. Have taken decisions like promoting.
Read this also
Get more latest business news updates