What is Economy ? A Possible Target " 5 Trillion Economy by 2024-25

 Hello friends, welcome to our blog website, in today's post, you will know what the economy is and how our country can make a 5 trillion economy. These methods are from my side, no one should take it seriously but you must see these methods, they can come to you and you should also agree with me.

What is the Economy?

"an economy is a set of production units located in a defined geographical area. "

In a country's economy, the sectors of agriculture, industry, trade, service, etc. together constitute the national output.

.According to Brown, “ Economics refers to a system by which people make a living. ”

Pro. W. N. According to Lux, economics includes all those institutions that an individual, nation, or a certain group of nations have chosen as the means by which resources can be used to satisfy human needs.

Thus, on the basis of the above definitions, it can be said that an economy is a system in which various goods and services are produced using all-natural, basic and human resources. So that all the people of the society can fulfill the basic needs in their life well. Also, to get a living from this system or process.

A Possible Target " 5 Trillion Economy by 2024-25

We as a country can comfortably achieve 5 Trillion Economy targets by 2024-25. The Government and key stakeholders have to align their interests in this direction. In my view, the following aspects are key to give a big boost to achieve this goal.

1. Speed up vaccination drive to come out from pandemic fear.

2. More investment in infrastructure projects. Priority Health and Industrial infra.

3. Quick reforms in labor laws mutually beneficial for workers and industrialists. This will help to improve the labor share in GDP which has fallen significantly during the pandemic.

4. Quick reforms in land laws and single window clearance for new projects/industries.

Both points 3 and 4 will help to grab the opportunity coming out of China +1 thought.

5. Need special reforms for unorganized sector. The inclusion of traders in MSME is a welcome move but the reforms must reach them. So far the majority of reforms are for the unorganized sector. Now there is a need to extend reforms to the unorganized sectors because major job loss happened in the unorganized sectors. Quick reforms will lift the unorganized sector.

India will bounce back in the next 12-18 months. All the best India.

Conclusion

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