India’s Vision of $5 Trillion Economy

Government has informed the Lok Sabha about the steps taken to make India a $5 trillion economy.

Key Highlights:

• Government’s roadmap to achieve a $5 trillion economy involves focusing on macro-level growth while ensuring comprehensive welfare at the micro level.
• The roadmap also includes promoting digital economy and fintech, technology-enabled development, energy transition, climate action, and relying on a virtuous cycle of investment and growth.
• The major reforms include Goods and Services Tax (GST), Insolvency and Bankruptcy Code (IBC), a significant reduction in the corporate tax rate, Make in India and Start-up India strategies and Production Linked Incentive Schemes.