eHow blogs on Economy, Trillion dollar economies
Economies of nations work on a macro level and put an effect on businesses and individuals at micro levels. If a country progresses or raises its GDP level it puts a positive effect on businesses within the country and on its individuals. Further, the world economy, overall, also accounts for the economies of countries. Hence, it is essential to know about the economies of various countries. We have collected a few blog posts related to trillion dollar economies in the world.
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Modi 2.0 has cleared its agenda to drive India to a $5 trillion economy in coming 5 years that is by 2024. Technology, digitization, and modernization shall have a great role in pulling up the economy to $5 trillion levels. Certainly, there will be a great role of IT in this economic pull-up. Additionally, BJP election manifesto 2019 focuses on a $ 10 trillion economy by 2032. At present, India is an economy of about $ 2.6 trillion. So, it needs to about doubling its economy within 5 years and quadruple by the next eight years. Presently, only the US and China are in $10 trillion club. In addition, Japan, the only country, has $5 trillion in GDP.
World’s biggest economies in nominal GDP 2019-20India has shown great results in the economic front in the last decades. However, it is far behind China in GDP growth. In fact, only China had been doing better than India in the economic front and GDP growth. Now, India is number one in growth rate beating China. Surely, India will be the 4th largest economy in the world beating both the UK and Germany by 2024. For this, Modi 2.0 has not only to maintain the growth rate but also to accelerate it at least 2 to 3 percent. Again information technology has to play a great role in this acceleration besides other measures.
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Driving India to a $5 Trillion and $10 Trillion Economy: Modernization and Digitization
India is aiming to a $ 5 trillion GDP nation within the coming five years. Narendra Modi and his ministers have categorically told this before the Loksabha election 2019 and reaffirmed this on June 10. In a meeting with top 100 bureaucrats including all departmental secretaries, Prime Minister Narendra Modi cleared his intention to drive India to a $5 trillion economy. India has to learn from the past experiences of several developed nations like the US, China, Japan, Germany, and Israel to achieve its target of $5 trillion GDP.
Piyush Goyal, the then finance minister of India, in his interim budget speech, has declared the goal to achieve it by 2024. In addition, he had a target of $ 10 billion GDP by 2032, the next eight years. BJP election manifesto has also supported the idea and documented a policy draft and road map for the same. Again, Prime Minister’s meeting with top bureaucrats on June 10, in the presence of his senior colleagues Amit Shah, Union Home Minister, Rajnath Singh, Union Defence Minister, N Sitaraman, Finance Minister and Jitendra Singh, PMO emphasized on the goal to drive India to a $5 trillion economy.
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What can India learn from the US, China, and Japan to raise its GDP to $5 Trillion?
Six largest economies in the world
India can jump to the 4th largest economy in the world in this Narendra Modi regime. It will take only five years to be the 4th largest economy beating the UK and Germany. At present, the US tops the list with a nominal GDP (2019 prediction) of $21,5 Trillion followed by China with a GDP $14.25 T. Japan is third in the list which has a GDP of $5.23 T followed by Germany, the fourth largest economy. Germany has a GDP of US $ 4.2 T. Surely, India will jump from its sixth rank to the fifth surpassing the UK that has a GDP of $ 2.98 Trillion. India's GDP is calculated at $2.93 T (2019) when Narendra Modi is voted to be the Prime Minister of India for the second term.
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India Can Jump to the 4th Largest Economy in the World in Modi Regime
The Muslim community can contribute a lot to accelerating GDP in India. Modi 2.0 has a clear goal to raise Indian GDP to $5 trillion by 2024. Further, Piyush Goyal, in his interim budget speech, categorically stated an aim to be a $10 trillion economy by 2032. BJP manifesto for Lok Sabha election 2019, also, has echoed the same with a roadmap and reform plans. So, India can be the 4th largest economy in the world by 2024. It needs accelerating Indian GDP growth rate by 2 to 3 percent. Now the question is how the Muslim community can contribute to accelerating GDP India?
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How can the Muslim community contribute to accelerating GDP India?
Make in India is not only a slogan of Narendra Modi, Prime Minister of India but an appeal with a commitment. He and his government are emphasizing on this slogan wholeheartedly. Obviously, this is an opportunity for all. Whether you are an investor, a manufacturer, a businessman, a scientist, a professional, a thinker or even a job seeker you can find an opportunity in this worldwide campaign.
India is a fast growing nation and built its capacity in service sectors. It has proven its capabilities in Information Technologies globally. Moreover, the US, the EU countries and even the Gulf countries love to outsource their mobile applications and eCommerce development works to Indian IT companies. The reason behind is the quality work at an affordable price much cheaper than the global standards. However, India is lagging far behind in the manufacturing sector. China has more than 22 percent share in the international business and the US has slightly over 17 percent. However, India has only a 2 percent share in manufacturing in global trade. The manufacturing sector contributes only 15 percent to Indian GDP in comparison to 56 percent of the service sector. The country is the only major economy without a strong manufacturing base. Rightly, the "Make in India" campaign aims to increase it to 25 percent of GDP.
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Make in India, Made in India, Make for India- Opportunities for All
I have tried to answer this question by comparing American stock market (Dow Jones) and Indian Stock Market (BSE Sensex). People are more or less convinced with a positive answer, especially after the economic crisis and financial problem in America in 2008. People were used to investing in America and American stock markets until the recent past. However, the perception is changed since financial problems have started in America after the economic crisis.
This article is written here to answer the question " Is it safer to put money into foreign stocks than American stocks, and what are the best short-term and long-term stocks?"
India is a foreign country for the Americans and it seems better to invest in shares and mutual funds in India than to in America, India is performing much better in economic front with continued average GDP growth of seven percent per year. Indian stock market is performing well. BSE and Nifty both stock markets in India are growing by leaps and bounce.
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Comparison of Indian and American stock markets, Dow Jones vs Sensex
Comparing American and Indian stock markets, Dow Jones vs Sensex. First is established and next emerging market. Which is historically better?
Why I choose Dow Jones vs Sensex for comparison? The first one represents the American stock market and the next Indian stock market. One is an established stock market another is among emerging markets. Collected historical data, comparison of Indian and American stock markets, will help an investor or a stock trader in deciding their investment portfolio, safety, and profitability. In other words, ROI.
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Comparison of Indian and American stock markets Dow Jones vs Sensex Part 2
India needs world-class companies and modern infrastructure to drive it to $5 trillion economies in the next five years. Focus on creating world-class corporations is a must to achieve the goal. No doubt, India has been achieving a fantastic growth rate of about seven percent for the last 20 or 25 years. This is the only major economy to do so besides China. India has crossed a long way in the last 25 years octupling its GDP from 333 billion in 1994 to about 2.8 trillion or 2800 billion in 2918-19. Some of the world-class companies have contributed a lot to achieve this GDP levels.
Big corporations account for billions of dollars’ turnover. Hence, these companies contribute significantly to GDP data of a country. The scene is no different in India and several big and world-class companies are driving India to a $5 Trillion Economy. However, Indian companies are much smaller in size compared to the US, China or Japan. Reliance Industries, the number one company in India has ranked 57 in the world according to the Forbes list. Only a few other companies could manage their place in Global 500. Looking into the scenario, India has to put many efforts to increase the number of these world-class big companies and also to increase their sizes. Also, a World-Class Infrastructure is required to support these industries. A holistic approach can drive India to a $5 trillion economy.
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World-Class Companies and Infrastructure to drive India to a $5 Trillion Economy
