Key Points
Indian Prime Minister Narendra Modi, confident of winning a national election starting this month, has set an ambitious target of roughly doubling the economy and exports this decade, according to a government document seen by Reuters...
Modi has highlighted economic growth as one of his biggest achievements in election rallies and has "guaranteed" making the economy the third largest in the world from fifth now if he wins a third term in a row as polls predict...
When he took office for a second term five years ago, Modi promised to take the economy to $5 trillion by the current fiscal year, but partly due to COVID-19 related disruptions, meeting that target is virtually impossible now...
"Usually such mental gymnastics based on arithmetic calculations and assumptions are meaningless unless there is serious reform and investment plan to test it for real economy dynamics," said Garg, the Modi government's finance secretary until 2019...
The document says Modi's government wants exports of goods and services to jump to $1.58 trillion by 2030 from around $700 billion, which could double the share of Indian exports in global trade to more than 4%...
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