PM Modi's roadmap to $5T economy: wealth creation, collaboration with private sector, fair competition

Prime Minister Narendra Modi says the $5 trillion economic target for India will be reached through collaboration with the private sector, fair competition, wealth creation, and removal of archaic laws.

Prime Minister Narendra Modi is more determined than ever to achieve the ambitious goal of a $5 trillion economy by 2024-25.

At the Economic Times’ sixth edition of Global Business Summit, themed on ‘Collaborate to Create – Sustainable Growth in a Fractured World', he said the vision of collaborating for sustainable growth was the need of the day and the basis for the future.

The prime minister said the theme was apt for current times, giving the example of the coronavirus threat and stating that everyone needed to collaborate to handle the outbreak.

"Collaborate to Create is a requirement in today's times to achieve the goal of sustainable growth and lay the foundation of our future," he said.

"We have to face this challenge together and emerge victorious with the power of 'Collaborate to Create'.

Aspects driving India's growth

Prime Minister Modi pointed out the three aspects driving India’s growth today: cooperation in spirit, collaboration in action, and combination of ideas.

“India is creating a model of sustainable development that is going to benefit the world, whether in terms of financial inclusion schemes or sanitation programmes.

He said the government would focus on collaborations with the private sector, fair competition, wealth creation, and deletion of archaic laws to grow further. He also revealed numbers to showcase the country's growth. “In 2014, when we came, India was the 11th largest economy; today, it is the fifth largest.”

Modi stated that the global economy was facing a crisis situation, and the government was working to ensure that India was not impacted.  

“The global economy is weak and passing through a difficult phase," he said. “But, the fundamentals of Indian economy are strong and policies clear.”

The prime minister announced that more than loans worth Rs 11 lakh crore without bank guarantees had been given to first-time entrepreneurs under the Mudra Yojana.

Taking greater ownership

In his speech, Modi stated that “inaction is the most convenient action” and that is why the government was trying to bring each section of society "out of inaction". "We opted for the new road that gave priority to aspirations of people," he said.

“For us, good governance, development, and nation-building is about our conviction - conviction to do the right thing, conviction to break the status quo.”

(Edited by Teja Lele Desai)