5 Trillion Dollar Economy Current Affairs - 2020

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“Globalizing Indian Thought”, an International Conclave held at Kozhikode

On January 17, 2020, the International Conclave on “Globalizing Indian Thought” was held in IIM, Kozhikode. PM Modi addressed the conclave. The conclave aimed at revealing India’s thoughts in becoming one of top three economies of the world.

Highlights

India is stepping towards the goal of becoming a 5 trillion Dollar economy by 2025. This will make India one of the top three economies in the world after US and China. It is essential for India to reveal its path while it is achieving such goals. The Conclave is an initiative to achieve this.

The Conclave focuses on India’s thought on development. The thoughts are as follows

  • Satyam-Truth
  • Nithyam-Sustainability
  • Purnam-Wholeness.

The conversations on globalizations have so far been synonymous with westernization. India does not contribute to such conversations. Through these conclaves India says that India has always stick to its intellectual heritage, innovative knowledge system and rich traditions.

According to India, the three thoughts Satyam, Nithyam and Purnam influence the world greatly.

Significance

The Conclave is important as it reveals India and its path towards development to the global market. Ethically, it is important to choose the right path of development. With the world marching towards development, it is important to get hold of traditional routes to sustain mankind. The conclave is important to convey this message to the world. The Conclave also offers opportunities to thinkers across different professions to converge their ideas into creative platforms.

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India will overtake Germany; Become 4th largest economy in the world in 2026

According to a report released by UK based Centre for Economics and Business Research (CEBR), India will overtake Germany in 2026 to become the world’s fourth largest economy. The report also said that by 2034, India will overtake Japan and become third largest economy in the world

Highlights

Today, India is the fifth largest economy in the World after US (20.49 trillion USD), China (13.41 trillion USD), Japan (4.97 trillion USD) and Germany (4 trillion USD). In 2019, India had successfully overtaken France and Germany to reach rank 5.

The CEBR report said that India will achieve its 5 trillion USD target by 2026. The report titled “World Economic League Table” obtains most of the data from IMF’s World Economic Outlook report.

CEBR

The CEBR provides independent economic forecasting to 100s of public and private organizations. It was founded in 1960s as Bureau of Business Research. The centre is currently working on economic policy research, local forecasting, national, state level data analysis. It releases publications on transportation, energy and public finance.

The headquarters of the organization is located in Munice, Indiana. It is to be noted that in 2011, the organization predicted India to become fifth largest economy in the world by 2020 which India has already achieved in 2019!

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