India plans to become the world’s fastest-growing major economy once again. The Indian government believes that a pause in the process of lowering the current trade deficit can give an impetus to economic growth. However, it should be noted that the government of Narendra Modi tends to be more optimistic ahead of the general elections next year. So, many loud statements can be regarded not as real plans but as mere pre-election pledges.
Of course, achieving this goal will require full political consolidation, in other words, the current authorities are trying to convince the public that the bright future is possible only under their keen guidance. "A series of major reforms undertaken over the past year will allow real GDP growth to reach 6.75 percent this fiscal year and will rise to 7.0 to 7.5 percent in 2018/19, thereby reinstating India as the world’s fastest-growing major economy,” the annual report on the health of the economy reads.
In general, according to experts, the set goals are quite real, even though last year the growth of the Indian economy was the weakest in the last three years. Currently, there is an increase in exports and investments, which maximizes the chances of success. In addition, last year the Indian economy was affected by the introduction of new tax laws, but now the country is accustomed to new taxes.
