Empowering MSMEs with News & Insights

USD 6.69 Tn Economy, USD 1.58 Tn Exports: Modi's Ambitious Vision For 2030

Updated: Apr 05, 2024 05:05:53pm

USD 6.69 Tn Economy, USD 1.58 Tn Exports: Modi's Ambitious Vision For 2030

New Delhi, Apr 5 (KNN) Prime Minister Narendra Modi has set his sights on an ambitious economic transformation plan for India by the year 2030.

He has directed officials to draft a blueprint aimed at nearly doubling the size of India's economy to a staggering USD 6.69 trillion in nominal terms from the current level of USD 3.51 trillion.

The BJP government's vision to radically expand the economy and exports over the next six years was revealed in an official document accessed by Reuters.

While the document lacks specific details on implementation strategies, it serves as the foundation for high-level discussions within the government.

Achieving self-reliance for India's economy within the next decade has been a recurring goal emphasised by Prime Minister Modi.

Having recently surpassed the UK to become the world's fifth-largest economy in 2022, Modi has now vowed to propel India to the third-largest economy globally during his potential third consecutive term in office.

Modi aims to raise India's per capita income to USD 4,418 over the next six years, a significant increase from the current level of around USD 2,500.

A key pillar of Modi's 2030 vision is an aggressive push to boost India's exports of goods and services. The document stresses plans to more than double exports from the current USD 700 billion to a staggering USD 1.58 trillion by 2030.

This expansion could potentially increase India's share in global trade to over 4 percent, up from the present levels.

In addition to economic goals, the document also outlines focus areas for social development and human capital.

These include increasing the literacy rate to 82 per cent by 2030 from the current 78 per cent, bringing down unemployment to less than 5 per cent from 8 per cent, and boosting labour force participation to over 50 per cent from the existing 46 per cent.

(KNN Bureau)


    Be first to give your comments.


Required fields are marked *