News Brief
Confident Of Victory In Lok Sabha Elections, Modi Government Aims For $6.7 Trillion Economy By 2030
PM Narendra Modi
With opinion polls predicting a huge victory for the Bharatiya Janata Party-led NDA in the Lok Sabha polls, Prime Minister Narendra Modi has set a target to nearly double India's economy to $6.7 trillion by 2030.
In his election rallies, PM Modi has highlighted India's economic growth as one of his biggest achievements and has "guaranteed" making the economy the third largest in the world from fifth now if he wins a third term in a row as polls predict.
PM Modi has already asked officials to finalise plans by around May to expand the economy to $6.69 trillion in nominal terms by 2030, from around $3.51 trillion currently, news agency Reuters reported citing a government document.
The government document, although lacking detailed execution plans, has laid the groundwork for the officials' meetings.
Despite previous setbacks, including falling short of a $5 trillion economy goal by 2024 due to COVID-19 disruptions, the new target sets a high bar for growth.
Amid the global economic slowdown, India's economy showed resilient performance in the financial year ending 31 March, with an expected 8 per cent growth rate in the last fiscal year, driven by strong manufacturing and construction sectors, supported by significant government spending.
Now, with the revised timeline of 2030, the Modi government aims to almost double the per capita income to $4,418 from the current $2,500, according to the document.
The government's plan includes a sharp increase in exports, aiming for $1.58 trillion by 2030, doubling India's share in global trade to 4 per cent.
It also plans to focus on 70 areas of improvement including workforce skills and vocational training, critical demands of industry leaders who often complain about the skill levels of the labour force, the report said.
Addressing social objectives, the government aims to increase the literacy rate to 82 per cent from the current 78 per cent, reduce unemployment to below 5 per cent from the present 8 per cent, and boost the labor force participation rate to over 50 per cent from 46 per cent.
In his campaign rallies, Prime Minister Narendra Modi has emphasised the need for a continued mandate to steer India into a developed economy by 2047, marking the nation's 100th year of independence.
The Lok Sabha elections, set to commence on April 19 and conclude in seven phases by June 1, with the results to be announced on June 4, appear favorable for Modi.
Opinion polls reportedly predict a big victory for PM Modi's Bharatiya Janata Party (BJP), suggesting the possibility of securing nearly three-fourths of the parliamentary seats.
In contrast, the opposition Congress party is expected to face a historic low in its performance.
If Modi secures another term, he will be the first Indian leader since Jawaharlal Nehru, the country's first post-independence Prime Minister, to win three consecutive terms, reflecting a strong mandate for his leadership and economic agenda.
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