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Explain the factors and key drivers that have contributed to India’s economic growth, making it the world’s fifth-largest economy during Prime Minister Narendra Modi’s tenure.

Topic: Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment.

5. Explain the factors and key drivers that have contributed to India’s economic growth, making it the world’s fifth-largest economy during Prime Minister Narendra Modi’s tenure. (250 words)

Difficulty level: Moderate

Reference: Indian Express

Why the question:

Inaugurating the newly built International Exhibition-cum-Convention Centre (IECC), named Bharat Mandapam, in New Delhi on Wednesday, Prime Minister Narendra Modi said that when he took charge in 2014, India was the tenth-largest economy in the world. During his second term as PM, he said, India had become the fifth-largest economy.

Key Demand of the question:

To examine the specific factors and key drivers that have propelled India’s economic growth, leading to its position as the world’s third-largest economy.

Directive word: 

Explain – Clarify the topic by giving a detailed account as to how and why it occurred, or what is the context. You must be defining key terms wherever appropriate and substantiate with relevant associated facts.

Structure of the answer:

Introduction: 

Begin by giving context.

Body:

First, present an overview of India’s economic performance and its transformation into a major global economy. Cite statistics of key indicators to substantiate.

Next, write about the various factor responsible for the above – Structural Reforms and Policy Initiatives, Foreign Direct Investment (FDI) Inflows, Manufacturing and Services Sector Growth, Infrastructure Development etc.

Next, write about the challenges and potential bottlenecks that could affect India’s economic growth in the future.

Conclusion:

Conclude with a way forward.