Better infrastructure will help in improving india
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Skepticism abounds over whether the nearly $3 trillion Indian economy is growing fast enough to reach Prime Minister Narendra Modi’s GDP target of $5 trillion by 2024-2025. But signs suggest that economic activity may have bottomed out, and foreign institutional investors are placing big bets on India’s infrastructure sector, according to participants in a panel discussion at the recent Wharton India Economic Forum held in Mumbai.
Foreign investors are attracted to “butterflies” or cash-flow generating assets like existing airports to operate and use as a cushion to invest in greenfield projects, the panelists said. They are optimistic also because of improved transparency in governance of projects, auction systems for allocation of licensing for public resources, the existence of a top tier of well-managed private companies and other market mechanisms such as the creation of funding platforms for infrastructure, they noted.
In order to reach its GDP goal of $5 trillion, India’s economy will need to grow at a sustained rate of 9% over the next five years, according to C. Rangarajan, former governor of the Reserve Bank of India, the country’s central bank. The International Monetary Fund (IMF) on January 20 sharply revised downward India’s growth forecast by 130 basis points to 4.8% for 2019-2020. In its World Economic Outlook update, IMF chief economist Gita Gopinath said growth in India slowed sharply “owing to stress in the non-bank financial sector and weak rural income growth.”
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