Modi's '$5 trillion economy' ambition far more challenging than achievable

A few days ago, while addressing chief ministers, Prime Minister Narendra Modi declared that he wanted India to be a “$5 trillion economy” by 2024, when he once again faces reelection. This would, he said, be “challenging, but achievable.”

Modi could never be accused of lacking ambition, but the fact is that getting India’s GDP to $5 trillion in five years will be far more challenging than achievable. India is, currently, a $2.8 trillion dollar economy; to reach the $5 trillion mark by 2024, the economy would have to grow at over 12% a year. To put this in context,