New Delhi: Expressing "certainty" that India would be a $5 trillion economy by 2024, Union Home Minister Amit Shah on Tuesday clarified that the current growth slowdown is "temporary" and only caused by "global factors". Shah also promised that no Indian will be left without a house, bank account, toilet, electricity, road connectivity or any basic need of life by 2022.

Shah said that the Prime Minister's vision of a new and great India was about ensuring a good quality of life for all Indians and India getting accepted and admired by the world as a strong nation.

Speaking at the 46th National Management Convention of All India Management Association (AIMA), Shah called on India's business leaders to not get confused by a temporary growth slowdown caused by global factors and build national confidence instead.

"India has to be a $5 trillion economy by 2024 and it is a certainty,"said Shah.

The Home Minister demanded that India's industry and management organisations build consortium for Research and Development so that the country can earn intellectual property dollars instead of sending those out.

Aditya Birla Group Chairman Kumar Mangalam Birla, who started the convention by talking about shaping the new world order, said that despite the impression of globalization retreating, global trade was still growing. He reminded that even in a year of bitter trade war, the trade between the US and China would be about $650 billion.

Birla proposed an Indian model of globalization where globalization did not obliterate national sovereignty and where globalization was not about capturing foreign markets. "Indian globalization is 'nationalism without borders'."

He gave the example of inclusiveness of Indian globalization citing the overturning of the no-meat policy in ABG organization to adapt to foreign employees.

All India Management Association (AIMA) President and Chairman, Ambuja Neotia Group, Harshavardhan Neotia drew attention to the need for encouraging innovation saying that doing so was necessary to set India on course to the $5 trillion Gross Domestic Product target by 2024.

Sanjay Kirloskar, Senior Vice President, AIMA and Chairman and Managing Director, Kirloskar Brothers stressed the need for keeping India open. He argued that India needed more foreign participation in its economy and not less.

Harsh Pati Singhania, Vice President, AIMA and Vice Chairman and Managing Director, JK Paper stressed the need for building leadership in green technologies. He said that India could achieve greatness by setting the example for sustainable economic growth.

The two-day National Management Convention is highlighting the role of innovation in making India a $5 trillion economy and fostering a culture and capability of innovation. The convention is being addressed by leading members of the government, renowned CEOs, startup founders, distinguished economists and leading writers on business and economy.

More than 500 entrepreneurs, executives and management experts are attending the convention.