My road map to 10 Trillion USD+ economy in 10 years.
We are a 3 Tr USD economy in 2019-20. It took us almost 6 decades to become 1 Tr USD economy, another decade to add 1 trillion USD morev and another 5 years to add more 1 trillion USD . In fact, we would have done that in 4 years only but like it always happens, the depreciation of rupee struck adversely and delayed our goal of reaching to 3 trillion dollar mark buy one year.
If we explore the the historic data of trade deficit versis value of INR against USD , we can see that when the trade deficit was low INR had strengthened. Between 2002 to 2005, trade deficit was low and as a result INR appreciated from rupees 47 to Rupees 42. Once again in 2007 when trade deficit reduced from high level in 2006 INR was appreciated by 3 to 4 rupees to Rupees 41. Between two thousand to 2004To achieve the goal of high GDP, the strengthening of INR is very important.
To achieve a goal of rupees 10 bill trillion dollar economy within 10 years compound growth rate of 12.5% is required which is very much achievable looking to the the our current economic growth but we should make it sure that the economic growth we achieve is not neutralized or eaten up by depreciation in INR. Therefore my suggestion is to create a economy where our currency does not become weak every year or every passage of time.
Our economy in purchase power parity is 4 time higher than the value of power economy in nominal value which indicates that ourour Indian Rupee is undervalued 4 times in terms of purchase power. This is actually very unfair and it gives other country undue advantage of purchase of Indian goods at a very lower rate compared to what we can buy out of our own money in other country. This need to be changed to achieve the high GDP figures and I am going to discuss my road map and plans to achieve those figure. I am not going to discuss in details how we can increase our growth rate but my main focus shall be on how to appreciate aur currency so that we can achieve a very high growth rate with current GDP growth rate. It is possible by appreciating our currency. Now some people will argue that it will affect our export. I am going to touch those aspects of economy as well. My whole roadmap is based on cutting import to achieve trade surplus and boosting of Exports along with some other measures. This will include uplifting poor section and farmers so as to create high demand in the the economically poor section to achieve demand based GDP growth rate. All honorable members are requested to to give their input and make this thread a knowledge treasure.
Thank you very much.