Will India achieve the goal of $ 5 trillion economy

Will India meet $ 5 Trillion Economy goal

India is dreaming to achieve the $ 5 trillion economy, On 15th August 2019 when our Prime Ministry was delivering his 6th Independence day speech he expressed that India will be $ 5 trillion economy till 2024, here the question arise that after this pandemic will India is going to achieve the $ 5 trillion economy till  2024-25 ? the answer is may be yes because Indian market highly volatile market it is highly growing market so may be India can achieve the $ 5 trillion economy till the end of 2024-25.

If we look into the history global financial crises in 2008 -09 was hard hit for India but that time workers could still go to the firm so it was easy to come up from that crises, now the scenario was different due lockdown Indian economy is not in good position it will take time to settle, but their is still chance that our economy can achieve the $5 trillion economy target till 2024-25. 

To achieve the $ 5 trillion economy till 2024-25 India;s growth rate should be around 9%, which currently looking like impossible, India current GDP estimated around $ 2.9 trillion, GDP growth rate in the first quarter of 2019-20 was 5% which was further slipped to 4.5% and lower, so by seeing the present situation it's looks like unimaginable that India will reach $5 trillion economy till 2024, but lets hope for the best may be government take some effective measure to boost the economy.

Human capital drives growth, India has plenty of human, the challenge is capital production as we all know that India is labour productive country not a capital productive country because we have challenges with skilled labour, This shows not just investing in education, healthcare, law and order, infrastructure but better quality in everything that determines the capability, it is necessary to became capital productive to increase the growth rate of country. This pandemic outbreak came at time when Indian economy already facing problem of slowdown of financial sector, the government has shut down factories, movement of goods and people and trains which adversely affect the economy of country, world bank estimated that India's growth rate estimated as 1.5% to 2.8% in year 2020-2021.