5 Trillion$ by 2024

Recently our government came up with a new vision. To bring India to the 5 trillion dollar economy sphere by 2024. Currently, India is a 2.61 trillion dollar economy, only behind USA (19.39 trillion), China (12.01 trillion), Japan (4.87 trillion), Germany (3.68 trillion) and UK (2.62 trillion- UK is at cut throat competition). Is this vision achievable?

source: https://www.investopedia.com/insights/worlds-top-economies/

Our GDP growth currently stands at 6.6% and for us to increase our economy to almost double, we would need a GDP growth in double digits. Extremely difficult? Yes. Attainable? After rigorous effort and complete focus with sleepless nights, probably. India boasts of being the second most populated country in the world, and using this population in the right way to prove them as assets and not liabilities is the key for growth.

Let us consider the situation of one of the countries above India in terms of economy, also very close to us (practically neighbors) and containing a model we can hope to follow. China. Now China's situation is very different from India's. China is not a democracy, therefore people don't get a choice. Rather, they get an order. China is literally everywhere- their USP being cheap products of everyday use as a major part of their massive exports which has become extremely popular all over the world, so much so that "Made in China" jokes have become a thing!

I understand India is the world's largest democracy and for that we are doing pretty well. Make in India has been a huge success. But is this success rate enough to double our economy in 5 years? The GDP growth hasn't proven so in the last couple of years, therefore a huge change in the export scenario is the only way it can.

To put my thoughts straight, I am just sad that we as India have literally 5 trillion other items (see what I did there?) which we can export to the world which would boost up our economy massively. The way this can happen is by organizing all potential growth boosters - commodities, fabrics, university rankings to bring in foreign students, IT services and so on. The Indian economy is ironically under resourced, therefore we also need to boost the skill set of the youth so that they could work to elevate exports and boost our economy. It's all a cycle. The Union Budget also focused on start ups this year which is a great initiative. All these initiatives may in a few years bring India to where it aspires, but within 5 years?

I am no economist or expert but here comes my innocent solution. Get us a USP. It's always one movie that makes an actor a star, one ingredient that adds great taste to a dish and one major initiative that gets a government re-elected. We need a USP to put it out to the world that we make it the best and no one else makes it better. To put it out to the world that this thing "X" we make or we produce is so good that the entire world would benefit from it. Find that "X", or category of "X" which would make us the star. The next 5 years could just be invested in keeping this at the pedestal, boosting our production of "X" (can be goods or services) and attract the world to try it out.

I want our country to reach its goal. Therefore as a youth this is my small contribution. Any suggestions, corrections and clearing of my misconceptions is readily welcome.

source: https://economictimes.indiatimes.com/news/economy/indicators/can-india-become-a-5-trillion-economy/articleshow/69869145.cms?from=mdr