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A Critical Review of India's Vision for a $5 Trillion Economy
Dr. Anil Dhawan
Abstract:
With a gross domestic product (GDP) of $2.72 trillion, India is one of the fastest-growing economies. However, when assessed in terms of purchasing power parity (PPP), the country ranks third in the world with a GDP of $10.51 trillion, making it the world's seventh largest economy. The Survey deviates from traditional Anglo-Saxon assumptions by suggesting a growth model for India in which the economy is either in a vicious cycle or is never in balance. This paradigm is the outcome of two significant departures from conventional thought. First, the Survey denies the fundamental premise of equilibrium, which has come under increased scrutiny in the aftermath of the Global Financial Crisis. Second, the traditional paradigm usually separates job creation, consumer spending, exports, and economic growth (Economic-Survey 2018-19). Since 2014, the Indian economy has expanded rapidly. India's GDP was $ 1.7 trillion in 2014, and it had climbed to $ 2.7 trillion over the preceding five years. The country's economy is expected to reach by $1 trillion over the next five years, reaching $5 trillion by 2024-2025
