India needs 8% GDP growth to be $5 trillion economy by 2025: Economic Survey
Indian economy will have to grow at a sustained rate of 8% or more for the next 6 years to achieve the ambitious target of turning into a $5 trillion economy, set up by Prime Minister Narendra Modi, said the Economic Survey 2018-2019 released on Thursday.
Prime Minister Narendra Modi had laid out the growth target in his first meeting with Niti Aayog Governing Council on June 15, barely a month after his government swept the Lok Sabha polls and returned to power. He had said that the goal to make India a $5 trillion economy by 2024 is “challenging, but achievable”.
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PM Modi had said that the target can be achieved with the concerted efforts of states and asking them to recognise their core competence and work towards raising their gross domestic product targets right from the district level.
The ruling Bharatiya Janata Party (BJP) promised to make India a $5 trillion economy by 2025 in its the manifesto ahead of the national polls in April.
The size of India’s economy was estimated at $ 2.75 trillion at the end of March. In 2017, India’s $2.6 trillion economy surpassed France’s to become the world’s sixth largest. India is likely to surpass the UK as the fifth largest economy this year, according to projections from PwC’s Global Economy Watch.