How India’s economy will change before 2025: the country’s development strategy
The United States and China are leaders in the world market, many countries want to achieve their success. Some have succeeded and they have shown excellent economic growth rates, while others have been on the periphery for a long time and have only recently surprised with their success. The Indian economy is one of them. The government of this state has set an ambitious goal to catch up with the leading powers.
Despite the rather bold statement, which is not yet taken seriously by world financiers, India’s Prime Minister has already started to act to implement the plan. The first thing the official team did was to analyze the policies of successful countries and take models for this or that segment. The new tax system will be built on the example of the USA, and India will take the export processes from China’s experience.
According to the adopted strategy, India’s economy should grow by 6-6.5% by 2021. On average, the global figures are at 3%. By 2025, the country’s GDP will double and reach $5 trillion. According to the intentions of politicians, in 5 years the state will be 3 in the world for development.
So far, everything is fantastic, but members of the Indian government do not think so. The Nationalist Party, headed by Narendra Modi, came to power in 2014. The economic recovery program was first presented last year when the current budget was adopted. Its main points indicate that India chose the path of capitalism, the foundations of which were laid in the state back in 500 BC. According to politicians, a nation’s success lies in the accumulation of wealth and the ability to use it. The more an entrepreneur earns, the more he invests in the budget, the more stable his economy becomes.
An important condition for achieving these goals is the support of the business government. The state must create comfortable conditions for the population, so that as many people as possible aspire to increase their fortunes, expand opportunities.
The authors of the program conducted a comprehensive study of how the country has developed at each historical stage. They started with ancient texts and gradually reached our days. At the same time, all the positive aspects of how this or that governance model influenced the welfare of citizens were noted.
Increasing exports and reducing unemployment through job creation are also important points of the strategy. Attention is paid to foreign investment, the volume of which is expected to increase in the near future. Changes will also affect the banking sector and many facilities will be privatized.