India has created a fascinating plan to transform itself into a $5 trillion economy over the next 5 years. That would actually take the 2nd most populous country in the world into 3rd spot after the United States and China.
The GDP of India in 2019 was $2.972 trillion. It will not be an easy task to accomplish the $5 trillion plan. The country has problems like high unemployment, farm crisis and rising trade tensions. Growth has been slowing. The government of Prime Minister Narendra Modi says concerns have been addressed.
30 years ago, the Indian and Chinese economies were comparable. Today, they are different. China’s GDP and per capita income are nearly 5 times those of India. Meanwhile, India’s economy has problems. India GDP growth today is the lowest it has been in 6 years.