India aims to achieve the 5 trillion dollar economy by

Question

UnlockIAS · Accepted Answer

Correct — B, 2024. This tests the Government's much-repeated aspiration, first set out in 2019 (Union Budget 2019-20 and reiterated by the Prime Minister and Finance Ministry), of making India a US$5 trillion economy 'by 2024-25'. That is the target year the examiner is rewarding, so among the options 2024 is correct. It is a political/aspirational goal rather than a statutory or legally binding figure — India's GDP was about US$2.9 trillion in 2019, so reaching US$5 trillion by 2024-25 required sustained double-digit nominal growth; the COVID-19 contraction of 2020-21 made the 2024-25 timeline unrealistic in practice, but the STATED goal remained 2024-25.

Why the other options are wrong — (a) Wrong — 2022 was the '75 years of independence / New India' aspiration year for many targets (e.g., doubling farmers' income), but the stated US$5 trillion GDP goal was set for 2024-25, not 2022.  (c) Wrong — no official statement pegged the US$5 trillion goal to 2026; the announced target year was 2024-25.  (d) Wrong — 2030 is the horizon for the UN Sustainable Development Goals (Agenda 2030), not for India's US$5 trillion economy target.

Concept: In 2019 the Union Government articulated the aspiration of turning India into a US$5 trillion economy by 2024-25 (Gross Domestic Product measured in current US dollars). It was pitched as a growth vision requiring higher investment, exports, manufacturing and productivity, not a legal commitment. Achieving it needed nominal GDP growth of roughly 11-12% a year from the ~US$2.9 trillion base of 2019.

State PCS 2020 Q127 — Economy PYQ with Answer

State PCS 2020 Q127 — Economy PYQ with Answer