Is 5 Trillion Economy Dream Still Alive After Corona Distress?

Recently, On 15 August PM Narendra Modi concentrated on a dream of 5 trillion economy by 2024. To accomplish this objective, our GDP needs to become consistent throughout the following barely years. PM Modi said that the BJP-drove government has given the nation a strong establishment with the goal that it can accomplish its objective to be the US $5 trillion economy by 2024. "The nation has made itself so solid over the most recent five years that we can set such targets and accomplish them as well," he said. But it is not easy for India to become a $5 trillion economy by 2024. Due to the impact of coronavirus on the economy. The coronavirus outbreak keeps on heightening in India, posing a heavy burden on the Indian health system as well as the economy. With a significant part of the nation in lockdown, the infection could influence up to 32 percent of the Indian economy.

The trade body for the worldwide Airtraveller industry International Air Transport Association (IATA) indicated a week ago that falling traveler requests would cost the business $31.3bn in lost income this year, with the worldwide air industry expected to fallout for the first time in more than a decade. Analysts have cautioned that transport groups, hospitality chains, airlines, luxury goods, and retailers will be among those hardest hit by the coronavirus as Indian buyers avoid the shops and voyagers put off special plans.

As the coronavirus flare-up extends, a scope of innovation, clothing and different organizations state the mass plague and open lockdown in India is harming the economy. Yet, that could be the beginning of the economic fallout, specialist’s caution. The trade impact of the coronavirus epidemic for India is evaluated to be around 348 million dollars and the nation figures among the best 15 economies generally influenced as a slowdown of assembling in China disturbs world exchange, as indicated by a UN report.

The trade impact for India is less when contrasted with different economies, for example, the EU, the US, South Korea, and Japan. As the virus spreads its way across India, the question turns to how long will this last?
Oxford Economics is indicated that worldwide economic growth could plunge more than $1 trillion if the infection, formally known as COVID-19, keeps on spreading and turns into a worldwide pandemic.