Can Modi 2.0's 5 Trillion Dollar Goal Be Achieved?

The Indian economy, currently valued at approximately 2.7 trillion dollars, is pinned by a grand target: achieving a 5 trillion dollar economy within just 5 years. This target sets an ambitious yet challenging milestone for Prime Minister Narendra Modi's second term, known as Modi 2.0. However, is this goal realistic, or is it simply a distant dream?

Setting and Achieving Goals

A goal, much like a milestone, is a marker of achievement that requires a collective effort. To realize the 5 trillion dollar economy target, a roadmap was meticulously planned by the Indian government. This plan involves multi-faceted strategies from various stakeholders, including the government, the Reserve Bank of India (RBI), industrialists, farmers, teachers, students, and the general populace. All sectors must contribute effectively to reach this ambitious figure.

The government's role is significant but limited, primarily focusing on fiscal and budgetary policies. The RBI can influence monetary policy, while industrialists and farmers are responsible for enhancing productivity in their respective sectors. Educators and students play a crucial role in the overall growth of the nation by fostering a culture of learning and excellence. In essence, any goal can be achieved if there is unwavering perseverance and concerted effort from everyone involved.

Current Economic Condition

Despite the ambitious targets, India's current economic scenario poses severe challenges. The GDP growth rate has been in a state of decline, and the economy is experiencing a slowdown. The GDP growth rate is deteriorating rapidly, which makes the 5 trillion dollar goal seem increasingly unattainable. Analysts suggest that it might be highly improbable for the Modi government to achieve this target by the set deadline.

Moreover, the current divide between wealth and poverty in India is stark. While a select few, often referred to as "cronies," are becoming financially empowered at the cost of the broader economy, the overall growth rate cannot compensate for such disparities. Notable examples include the Adani Group, which has seen significant wealth accumulation. These wealthy conglomerates and individuals are working to enrich the BJP party, creating a vicious cycle of wealth accumulation that is more about power than prosperity for the masses.

Probabilities and Challenges

Setting a high goal does not only serve as a motivational tool but also sets a benchmark for performance. Yet, doubling the Indian GDP at a 5% rate would require a 14-year period. Given that Modi 2.0 has only 5 years remaining in its current term, it becomes evident that the target is almost unachievable. The gap between the existing GDP of 2.7 trillion dollars and the target of 5 trillion dollars requires an annual growth rate of 13%, which is an unrealistic and out-of-reach target.

The Indian government's inability to address pressing issues such as the ongoing economic recession, farmer distress, liquidity concerns, high unemployment, and other economic challenges further reduces the credibility and feasibility of such high-yet-empty promises. A government that speaks of achieving growth targets by 2050 or 2035 is seen as lacking a coherent plan and vision to solve the current and immediate issues at hand.

Concluding Thoughts

In conclusion, the 5 trillion dollar economy target set by Modi 2.0, though admirable, remains more of a symbolic gesture than a feasible economic plan. While working towards ambitious goals is essential, it is crucial to ensure that these targets are grounded in realistic strategies and commitments. Until then, it is more likely that a few individuals will see large-scale financial success, while most Indians continue to grapple with economic hardships.

It is not too late for the government to chart a new course and provide a credible roadmap for economic prosperity. High targets should be set to motivate individuals towards goals, but it is equally important that these targets are achievable and aligned with the nation's long-term development needs.