Two Day National Seminar on India's $5 Trillion Economy: The Vision, Challenges, and Roadmap [5te-2024]

Abstract

India is one of the fastest growing major economies and is currently ranked as the world’s sixth largest economy. Projections of growth, over the medium term, remain encouraging and optimistic for India. The underlying strengths are indicative of the potential of India to achieve a USD 5 trillion economy by 2025. The current structure of the economy and the emerging dynamics provide us grounds to target achieving 1 trillion dollar from agriculture and allied activities, 1 trillion from manufacturing and 3 trillion from services. On 15th August 2019, delivering his 6th Independence Day Speech, Prime Minister Narendra Modi expressed confidence that India would be a $5-trillion economy in 2024. More recently, speaking at a function to mark 100 years of ASSOCHAM in New Delhi on 20.12.2019, Prime Minister Modi said that BJP-led government has given the country a solid foundation so that it can achieve its target to be US $5 trillion economy by 2025. So that, the country has made itself so strong in the last five years that we can set such targets and achieve them too, Earlier, in July 2019, the Economic Survey laid out a blueprint for $5 Trillion India economy. The Economic Survey 2019 presented by Chief Economic Adviser (CEA) Krishnamurthy Subramanian focuses on moving to a “virtuous cycle” of savings, investments and exports to transform India into a $5 trillion economy in the next five years. For the same, the Government of India has several ongoing initiatives across sectors focused on growth. In agriculture the Government is aiming to reorient policy focus from being production-centric to becoming income centric. The emphasis on incomes provides a broader scope towards achieving the needed expansion of the sector. The proposed Industrial Policy 2018 provides an overarching, sector-agnostic agenda for the enterprises of the future and envisions creating a globally competitive Indian industry that is modern, sustainable and inclusive. However, there are challenges before the vision of 5trillon Economy. As a commerce and management experts, the academia have to identify and assess the challenges and hindrance slowdown India’s move towards the 5 trillion USD Economy, and find a roadmap to achieve India’s vision 5 trillion USD Economy. Hence, the present seminar has proposed to collect experts’ opinion to support India’s 5 trillion vision.