India's Evolving Structure: Miles to go Before 2025
Abstract
Post Industrial Revolution, the major macroeconomic goals of the countries have been to attain a high growth of income, high employment, and stability in prices and balance of payments. Among the BRICS countries, China and India achieved a significant economic development in the last three decades. However, with Chinese economy is slowing down recently, open up new avenues for India. At present, India is the fifth largest economy in the world in 2019 and aspiring to be the third largest by 2025. India has to take strategic policies regarding better education system, efficient health care facilities and reduced carbon emissions. To make the country achieve the Sustainable Development Goals (SDG) target or the 5 trillion dollar economy aspiration, the country has to fasten its pace of inclusive growth. The country has come a long way after independence and has also surpassed the problem of Hindu Rate of growth. But with the onset of the present pandemic, when the growth rates are coming down with higher unemployment, price volatility, high fiscal deficit, the policy makers need to devise rigorous strategies to convert growth faster and also inclusive one so as to become the superpower in 2025.
