Amid concerns over India becoming a $5 trillion economy, Amitabh Kant said that the goal is achievable even as it’s a tough task. However, the states would have to play a critical role for the national economy to meet the challenging target, NITI Aayog CEO Amitabh Kant also said at an event in Rajasthan. India would have to grow at 12.4 per cent in nominal and 8.4 per cent in real terms to do so, Amitabh Kant also said, adding that the target can be attained. The central government and states need to facilitate the ease of doing business, Kant also said since wealth is largely created by the private sector.
Prime Minister Narendra Modi recently said the target is achievable as the government has set a strong base. The government has taken all-round measures to develop the economy and even the industry is giving a strong response for the $5 trillion target, he added. The government checked and brought discipline to the economy which was headed towards disaster 5 to 6 years back, Modi also said, adding that the government aims to both formalise and Indianise the economy.
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The Indian economy is undergoing a slowdown on account of both domestic and global factors. The GDP growth for Q2FY20 was recorded at a dismal 4.5 per cent. The government has announced a host of measures in the past few months to tackle the slowdown. Meanwhile, the IMF chief Gita Gopinath recently expressed reservations on the same and said that the goal is extremely challenging. India’s dream to become a $5 trillion economy is a good aspiration, but it is extremely challenging to reach, mathematically, she said at India Economic Conclave.
Source: Financial Express
