Firm leadership must to become $5-tn economy, says Devendra Fadnavis

Mumbai: Maharashtra chief minister Devendra Fadnavis expressed the need for decisive leadership for India to achieve the target of becoming a USD 5 trillion economy.

Speaking at the Economic Conclave in Mumbai on Wednesday, Mr Fadnavis said that India has become the sixth largest and fastest growing economy in the world. “Considering the strategic and cultural reforms we have undertaken in the last four years I believe we will be able to achieve the USD 5 trillion target,” the chief minister said, adding that the nationhas opportunities in the form of demographic dividend, democracy and demand and thus it is time to aspire and take systemic efforts to achieve the target.

However, he added, “A leadership with policy paralysis cannot achieve growth despite any amount of demographic advantage. Today, we have a decisive leadership under Prime Minister Narendra Modi. The biggest advantage of India is its bright minds, demography and decisive leadership that will make us leapfrog.”

He also added that India is an over  USD 2.5 trillion economy growing at about 7.5 per cent.  “With busi-ness as usual we will be a USD 5 trillion economy by 2028-2029,” said the chief minister.

“However, to achieve the target by 2025, the agriculture sector needs to grow at 10 per cent, manufacturing needs to grow at nearly 14 per cent and the services sector at 13 per cent,” he elaborated.

Mr Fadnavis also expressed concern over the protectionist tendencies that are on a rise among nations who previously championed free trade. Besides, the trade war between the United States and China is also an issue due to our high dependence on oil and the volatility in oil prices, he said, adding that climate change was a huge factor in making the agri sector unsustainable.