Budget 2019: PM Modi asserts $5 trillion economy is achievable in five years

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July 6, 2019 2:57 PM

Budget 2019-20 India: India can achieve $ 5-trillion economy in the next five years, Prime Minister Narendra Modi said Saturday after the Finance Minister Nirmala Sitharaman presented her maiden budget yesterday in the second tenure of Modi-government.

Union Budget 2019-20: $5 trillion economy is achievable, says Narendra Modi

Budget 2019-20: India can achieve $ 5-trillion economy in the next five years, Prime Minister Narendra Modi said Saturday after the Finance Minister Nirmala Sitharaman presented her maiden budget yesterday in the second tenure of Modi-government. Taking a dig at those who presented doubts over the government’s ambitious target, Modi said those are professional pessimists who doubt the capability of Indians. He said the economy needs to double to reach $5 trillion. He said the Indian farmers have tremendous capability to grow and they can significantly contribute to the economy in terms of exports.

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“Only professional pessimists raise doubts over the goal of  $5 trillion economy. These are the people to whom if you go to find a solution for any difficulty, they instead of giving a solution, rather confuse you even more,” Narendra Modi said while launching nationwide BJP membership drive in Varanasi. 

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Doing away with the dependence on imported goods can help in strengthening the Indian economy. India needs to become self-reliant when it comes to energy consumption. The country needs modern technology to harness other sources of energy like solar energy and coal. The government can only work as a catalyst in the making of $5 trillion economy. Indian citizens have all the potential to take the economy ahead. The goal seems unattainable for some people but it possible if everybody participated in the economy, said Narendra Modi The other developed economies of the world also faced their own hardships in reaching great heights. Now, is the time for India to do so and Indians have never felt discouraged in the face of difficult and hard times. He said the youth of the country is full of enthusiasm and zeal which can the country to great heights. 

Also read: Budget 2019: Share buyback no longer tax efficient as compared to dividends; how it impacts companies

The bigger economy would mean that everybody’s share in the economy would be larger, according to Modi who said “the size of the cake matters.” He said not only the earnings of Indian citizens would grow with the size of the economy, but the quality of life would also improve with the bigger economy. 

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