India marchs towards goal of becoming 5-trillion US Dollar economy by 2024

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Riding on macro-economic stability, India is marching towards the goal of becoming a Five-Trillion US Dollar economy by the year 2024. Several policy initiatives have been taken by the Union Government to reach the target, prodding up investments and industrial growth across the nation.

AIR correspondent highlights the impact of the central initiatives being witnessed in Tamil Nadu, as a reference case. The launching of several industrial corridors have helped states like Tamil Nadu to spur economic growth.

Three of the major industrial corridors fall within the state, including the Chennai-Bengaluru and Chennai-Kanyakumari segments and the ambitious Defence Industrial Corridor. The Defence Corridor links traditional manufacturing hubs in the state like Chennai, Coimbatore, Salem and Hosur.

The initiatives have helped the state to get investment commitments of over three lakh crore rupees during the state’s Global Investors Summit, many of which are being fructified. The state Industries Minister MC Sampath told reporters in Madurai, the state is making strides in e-vehicle and aerospace sectors as well.

MC Sampath said," As far as the Small Scale Industries are concerned, we have approved more than 12-thousand units with 32-thousand crore rupees investment. Single Window Clearance System and a portal have ben introduced, through which investors can apply for permit.

If no response is received within a month, it is deemed to have been given the permission. The future lies in the E-Vehicle and the Aerospace sectors. In that also, we are making steady progress".

Prime Minister Narendra Modi often insists that the progress of the states translates into the overall growth of the nation. The trends of progress are visible in several states making India a springboard for global growth. (AIR NEWS)

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