India becoming $5 trillion economy by 2025 impossible: Former RBI guv

October 08, 2021 13:05

And while we wait for the outcome of the court proceedings for Aryan Khan and others, here's something to burst your fiscal bubble.

Former Reserve Bank Governor C Rangarajan said today that India becoming a USD five trillion economy by 2025 is impossible under the current circumstance and the country needs to grow at nine per cent per annum for the next five years in order to achieve that.

Delivering his address at 11th Convocation of ICFAI Foundation for Higher Education, Rangarajan said attempts should be made to curb the adverse impact of a third wave of COVID-19, if it happens and both the coverage of vaccination and the pace of investment in health infrastructure should be accelerated within the strategy of expanding the overall infrastructure investment.

"A few years ago, there was the hope that India would become a USD five trillion strong economy by 2025. That has become impossible. India's economy was USD 2.7 trillion strong in 2019. At the end of March 22, we will still be at the same level. To go from USD 2.7 trillion to USD 5 trillion, the economy has to grow at 9 per cent for five consecutive years," Rangarajan said.

In order to achieve the USD five trillion economy, growth which is the answer to many of socioeconomic problems, should therefore become the undivided concern of the government and equity which is equally important will be a distant dream unless it is supported by high growth spurred by reforms.

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