Making India A $ 5 Trillion Economy: Opportunities And Challenges

In the year 2019, the National Democratic Alliance (NDA) was re-elected to the power under the leadership of Prime Minister Mr. Narendra Modi. The Prime Minister had set an ambitious target of making India a US $ 5 trillion economy by 2024. However, in the first week of January 2025, the size of India’s economy is approximately US $ 3.8 trillion, much short of the target. Many factors could be attributed for the current size of Indian economy; such as outbreak of Covid-19 pandemic, fragile global economy, rising military tensions particularly in the West Asia and Eurasia region, inadequate domestic demand, low savings – GDP ratio. However, with constant efforts to push domestic demand, price stability, promotion of manufacturing sector, export promotion, India may achieve this target by the year 2030.