India $10-trillion economy by 2032 – Can the numbers be reality?
— SATYA BRAHMA (@SATYABRAHMA) May 30, 2016
The country needs to work towards a 10% growth rate year-on year against its projected growth rate of 7.4% to achieve a $10 trillion economy by 2032.to create 175 million jobs and achieving zero percent of Below Poverty Line population by 2032. If we achieve a $10 trillion economy target by 2032 by a 10% growth rate year-on-year, the compounding effect would be such that ours could be a $20-trillion economy in the next 6-7 years after 2032. The 10% y-o-y growth is the biggest challenge.if India grows at 7% till 2032, its GDP will only be $6 trillion in 2032 against $2 trillion as on today while 5-6% of the population will remain below poverty line. The new plan flows out of a Group of Secretaries report that talked of achieving 10% growth year-on-year in the next five years by aiming at 10 ‘Champion States’ growing at 12% and more, 4% agricultural growth rate, 10-12% growth in manufacturing and services, worldclass infrastructure and the advancements in technology and innovation.The immediate targets specified for 2019 are India moving up to No. 1 Start-up destination, India’s rank in Ease of Doing Business being in Top 30 and 60% digital penetration through JAM Platform and e-payment mobile applications for government programmes.Target for manufacturing contribution rising to 25% of GDP is fixed for 2022.