India aims to achieve the 5 trillion dollar economy target by ________.
- AOption (a)
2022 A.D.
- BOption (b)
2024 A.D.
- COption (c)
2025 A.D.
- DOption (d)
2026 A.D.
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Correct answer
2024 A.D.
Why this answer is correct
The correct answer is 2024 A.D .
- India aimed to achieve the 5 trillion dollar economy target by 2024 A.D.
- In May 2019, the Narendra Modi-led government set a target of taking the economy to USD 5 trillion over the next five years.
Key Points
- The economy of India 2020:
- The Indian economy shrank 23.9% in the second quarter of 2020.
- It is the biggest contraction on record, as India imposed a coronavirus lockdown.
- Still, India remains the third worst-affected country in the world by the pandemic.
- Construction (-50.3%), hotels and transportation (-47%) and manufacturing (-39.3%) recorded the biggest falls.
- Mining and quarrying (-23.3%); finance, real estate, and business services (-5.3%); and utilities (-7%) also declined while the farm sector grew +3.4%.
Additional Information
- GDP is the total monetary value of all final goods and services produced in an economy within a year.
Note: This question is from UPPSC BEO Previous Year Paper (Held On 16 Aug 2020).
- In 2019, Prime Minister Narendra Modi envisioned making India a $5 trillion economy and global powerhouse by 2024-25.
- Chief Economic Adviser (CEA) V. Anantha Nageswaran on June 14, 2022, said India would become a $5** trillion economy by **2026-27** and **$10 trillion by 2033-34$.