PM Modi pitches India for a 5 trillion-dollar economy by 2024

PM Modi said both the Centre and the States should work towards growth in exports, in order to raise per capita incomes

Prime Minister Narendra Modi on Saturday pitched for the country to become a $5 trillion economy by the year 2024. As of now, India stands at 6th place in GDP with a nominal GDP of $2.61 trillion whereas the US has a nominal GDP of around $20 trillion.

The PM at the 5th governing Council of NITI Aayog, in Rashtrapati Bhawan Cultural Centre in New Delhi, said: “The goal to make India a $5 trillion economy by 2024, is challenging, but can surely be achieved. States should recognise their core competence, and work towards raising GDP targets right from the district level.”

Stating that India is targeting a $5 trillion economy by 2024, the Prime Minister asked the States to improve their respective economies by two to two-and-a-half times. This would result in an increase in the common man’s purchasing power, he added. The States, he said, can focus on their export potential.

Noting that the export sector is an important element in the progress of developing countries, he said both the Centre and the States should work towards growth in exports, in order to raise per capita incomes. He said there is immense untapped export potential in several States, including the North Eastern States. He said a thrust on export promotion at the State level will provide a boost to both income and employment.

Recalling the recent General Elections as the world’s largest democratic exercise, the Prime Minister said that it is now time for everyone to work for the development of India. He spoke of a collective fight against poverty, unemployment, drought, flood, pollution, corruption and violence etc.

Modi also announced the setting up of a high-level task force for undertaking structural reforms in agriculture, including strengthening logistics, produce marketing, food processing as well as changes to the Essential Commodities Act.

The meeting was attended by the Chief Ministers of all States barring those from West Bengal, Punjab and Himachal Pradesh. The meeting discussed reducing water wastage, promoting efficient water conservation practices with rain-water harvesting to be undertaken at the household and community level with proactive policy and investment support.

Talking about the Aspirational Districts scheme, Modi said many of them are affected by Naxal violence. However, he added, that the battle against Naxal violence is now in a decisive phase and will be dealt with firmly.

“The geographical area of influence of Leftwing Extremism has shrunk and the number of perpetrators of violence has declined significantly,” Modi said. He assured that the Centre will continue to provide assistance to the States to completely eradicate this issue over the next ten years,” an official statement said.