With the Indian rupee collapsing in its value and the currency becoming increasingly volatile in the international market, the Narendra Modi government’s 10-trillion-dollar-goal appears to be an illusory bubble.
A benchmarked way to reach it now, as undesirable as it may be, appears to be by probably making the value of the rupee (vs US dollar) as weak and poorly placed as possible, not by gaining strength in India’s production capacity nor by enhancing its economic capabilities.
India’s post-pandemic economic recovery took on a K-shaped pattern, where economic gains have been disproportionately concentrated amongst a privileged few, while vast sections of the population, including its large middle class sections, continue to grapple with deepening inequality and limited opportunities for upward mobility.
In a recent address to a young audience at the Viksit Bharat Young Leaders Dialogue 2025, the Prime Minister confidently projected that India would surpass the 10-trillion-dollar economy mark by the end of the next decade.
The sobering reality at this point is that India risks being trapped in a growing middle-income bracket, anchored to a modest growth trajectory of about 6 percent.