NEW DELHI, Apr 1: India is determined to take the country to its ambitious 5 trillion dollar economy target smashing the COVID-19 outbreak.
This was firmly echoed in the observations of a number of industrialists, agriculturalist and real estate consultants on Wednesday – coincides with the unfolding of the new FY – 2020-21.
“India is now in the cusp of transformation amidst dark clouds, but has the potentials to achieve the 5 trillion dollar economy target by 2020-24,” they asserted.
The observations came amid lowering of interest rates on some small savings scheme on Tuesday as a ‘remedial measure’ to tackle slowdown.
Asked to comment on the prevailing economic scenario in the country, a senior BJP leader, on condition of anonymity, said famed for the draft growth of the service sector as well as its growth as an agricultural, industrial and manufacturing hub, India has made significant progress in making itself conducive to potential business.
“It is leading the way in inviting major investments in sectors like textile and designing, food, confectionery industry, beverage, logistics, Infrastructure, property, realty, healthcare, hospitality, power and energy and also jewellery,” he pointed out.
When his view was sought, Sanjiv Puri, CMD ITC Ltd, maintained ” India has tremendous potential and the aspiration for a 5 Trillion Dollar economy from its present 2.8 trillion Dollar economy reflects the potential. It is certainly doable.”
According to Harsh Neotia, Chairman, Ambika Neotia Group, ” confidence is coming back on the back of all the regulations that have been put in place to check quality and deliverables. There is a strong realisation among developers that we need to go about the projects as a very serious business.
Mr Neotia added ” it will take some more time for consumers to have that kind of confidence. We are at that cusp. Even if there is not a boom in the vicinity, the real estate sector will certainly move upward.”
Agriculturist Ashok Talwar said about 50 per cent of India is employed in agriculture but the sector accounts for just about 15 per cent of GDP.
Mr Talwar further said, “for consumption in India to grow to the next level in a robust fashion, income in agriculture sector needs to rise.”
(UNI)
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