PM remains confident of achieving $5 trillion economy goal

PM remains confident of achieving $5 trillion economy goal

Agency News

New Delhi, Aug 15 : Amid an atmosphere of economic slowdown, Prime Minister Narendra Modi on Thursday exuded confidence that India will become a $5 trillion economy in the next five years.

“Many think India becoming a $5 trillion economy is difficult in the next five years. But we should aim high,” Prime Minister emphasised in his Independence Day speech - his sixth since 2014.

The aim was not unrealistic, he said and mentioned that while India became a $2 trillion economy in the first 70 years after Independence, it had grown by another $1 trillion under his government.

"From 2014 to 2019, we became a $3 trillion economy. Before that, in the last 70 years, the country was a $2 trillion economy. We added $1 trillion to the economy in just five years. Now we are looking forward to making the nation a $5 trillion economy," he said and also underlined that wealth creators should not be eyed with suspicion.
Prime Minister announced that a staggeringly high investment of Rs 100 lakh crore will be made on developing modern infrastructure like ports. It is worth mentioning that the Indian economy slowed to a five year low of 5.8 per cent in the fourth quarter of 2018-19 throwing huge challenge to the government and especially the new Finance Minister Nirmala Sitharaman, who was also present at the VIP enclosure at Red Fort premises.

Experts say to become a $5 trillion economy in the next five years, the Indian economy would need to grow consistently at 8 percent annually. "Today, when we are marking Independence Day, many of our citizens are suffering due to floods in various parts of the country. We stand in solidarity with those who are affected by the floods," he said.
In terms of development and people's aspiration, Prime Minister said - "People of India are no longer happy with merely the proposal for a new railway station, they want to know when the state-of-the-art Vande Bharat Express will come to their area.''

Prime Minister called for making India plastic free and also urged people to visit at least 15 tourist destinations within India by 2022. Mr Modi in a major decision announced creation of Chief of Defence Staff (CDS) as head of the three military services.
The move will ensure synergy among the three services and provide effective leadership, he said. A high-level committee set up after the Kargil conflict in 1999 headed by K. Subrahmanyam by the then Vajpayee government had first advised for appointment of a Chief of Defence Staff. (UNI)