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Overview of Indian Economy
India is the 6th largest economy in the world and was valued at 3 trillion in 2021; in normal scenario it is set to grow at 6% to reach 5 trillion by 2030. However, prime minister of India, Mr. Narendra Modi envisioned to make India 10 trillion economy by 2030. Becoming a 10 trillion economy is not merely expectation but it is a dream and a vision for India. Major policy makers and different ministries headed by the prime minister of India, are working on an economic plan to turn 10 trillion Indian economy into reality. India has emerged as the fastest-growing major economy in the world, and over the next 10-15 years it is expected to be one of the top three economic powers, driven by its robust democracy and strong partnership strategies.
Major Challenges of the Indian Economy
India’s trajectory to become a 10 trillion economy is still doubtful and questionable for some experts; it is only possible when the GDP will grow at the rate of at least 14% over the next 10 years. With so many hurdles including sufferings of pandemic, slowdown in demand of various sectors like automotive and real estate, inflation, poor educational standards, rigid labor laws, low FDI, still developing infrastructure, large budget deficit, and high private debt, it will be interesting to see India’s growth path and strategies to become a developed economy.
4 prong strategies to become a 10 trillion economy
Although the government of India is working on various measures and initiatives to ramp up the economic growth, growing at a CAGR of 14% will be a tough task to be achieved and maintained through the years. Lucintel, a premiere management and consulting firm, has developed 4 prong strategies encouraging India to hit its target and become one of the leading economies in the next 10 years. The four areas which will attribute growth momentum to the economy of India are:
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Export
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Import Substitution
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FDI
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Domestic Activities
Major industrialist and experts have different opinions about India’s economic growth opportunities as listed below:
India and China had almost similar GDP 30 years ago, but China’s growth in the last 3 decades to become the second largest economy has surprised the world. China’s strategies to change its economy can be a learning lesson for India. Lucintel brings this exciting and most analytical study explaining how India can also become 10 trillion economy in the next 10 years. To know more about this analysis contact us at +1 972-636-5056 or write at
helpdesk@lucintel.com.
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