Every state and district of India has a role to play in the country’s efforts to transform itself into a $5 trillion economy by 2025, Prime Minister Narendra Modi said on Thursday, stressing the importance of healthy competition among state governments and the need to provide an enabling ecosystem for investors.
“Every state and every district has great potential and they will play a vital role in achieving the target,” Modi said at the inauguration of an investors’ summit organised by the Himachal Pradesh government here.
The ruling Bharatiya Janata Party (BJP) promised to make India a $5 trillion economy by 2025 in its manifesto ahead of the national polls in April-May although declining economic growth has caused some economists to wonder if the target wasn’t too ambitious .The size of India’s economy was estimated at $2.75 trillion at the end of March.
In his speech, Modi noted India’s climb up the World Bank’s Doing Business (DB) 2020s, a measure of how easy it is do business in the country, as it aspires to become a business-friendly destination, improve service delivery and the ecosystem for investors.
India ranked 63rd in DB 2020, a 14-notch improvement over last year.