The fact is well know that Indian economy and value of Indian rupee is not good these days in response to which prime minister Narendra Modi presented his vision that the government is planning to invest ₹100 lakh crore on infrastructure in the next 5 years and prime minister assured that this will help the economy to achieve a target of $5 trillion.
According to our honorable prime minister Narendra Modi, wealth creators are the real wealth of the nation and should not be looked at with suspicion. Apart from this assurance of making India a $5 trillion worth economy, Narendra Modi stated that the pillars of our economy are stable and a good governing body for the nation along with promising and effective economic policies would become a bridge for the plan that includes attracting other nations for investment in India.
What did PM Narendra Modi say?
Narendra Modi asked, “We are targeting a $5 trillion economy. Many think it is difficult. But if we don’t do difficult things how will we progress?” Narendra Modi further said, “It took 70 years to reach $2 trillion economy size, and in the last one year alone we added $1 trillion. And this gives us confidence that in the next 5 years, we can take it towards $5 trillion” adding to this statement that this goal can be achieved by investing more and more in the field of infrastructure.
The economic growth of the country did accelerate initially in the first phase of Modi government by a whopping 6% to 7 % and in this phase the government was able to pull off their major reforms which would otherwise not have been possible, but all this might be the result of the policies implemented by the previous government, but right after this phase the economy faced a downturn of 5.8% in January- March 2019, foreign investments have been plateaued.
The worst cases have been faced by the auto sector and the crisis which as showing their effects now is the worst in the span of 20 years. Apart from the downfall, the sector has also witnessed job loss by lakhs of individuals. The real estate sector has accepted the fact that the percent of unsold homes have been increased and producers of fast-moving consumer goods have reported a downfall in the growth rate.
Entrepreneurs have channeled their frustration by the voicing their opinions regarding high capital cost. The prime minister, on the other hand, rejected the idea of worrying simply saying that the fundamentals of the economy are strong and the nation has the potential to boost it whenever required.
Talking about entrepreneurs and businessmen PM Narendra Modi Ji said that there are the pillars of the economy and should not be looked at with a sight of suspicion as these are the people who will help in the boosting process of the economy. One thing that should be noticed is that this is the third time in the year when Modi is talking positively about the corporate people.