Investments, which would be the key driver to reach the $5-trillion-economy target in the next five years, would not only give a big boost to industry, services, and business, but also create innumera
The major task of the country is to move as fast as it can to achieve a higher standard of living, former RBI governor C Rangarajan said.
P Chidambaram said that the Budget won't change the life of the bottom 20 per cent of the population in the country.
Modi praised the strength, resolve and dedication of the people to achieve ambitious goals and called upon them to dream big so that India can achieve the target of becoming a USD 5 trillion economy.
India's economic growth slowed to a five-year low of 5.8 per cent in the January-March quarter. For the full 2018-19 fiscal as well, the growth rate was at its lowest in five years at 6.8 per cent.
While Finance Minister Nirmala Sitharaman must address multiple economic challenges, she has the task with the country's fiscal deficit higher at 3.5 per cent.
The report said that such growth can only be sustained by the various cycle of savings, investment and exports.
GDP growth reflects a recovery in the economy after a deceleration in the growth momentum throughout 2018-19, said finance minister Nirmala Sitharaman in the Rajya Sabha.
Panagariya, who served as the first Vice Chairman of the NITI Aayog from January 2015 to August 2017, underscored that for trade to grow, the country has to be open.
Low yields in developed markets and a need for higher investment returns from investors have led to a lower interest rate world.
Modi could never be accused of lacking ambition, but the fact is that getting India’s GDP to $5 trillion in five years will be far more challenging than achievable.
It can be understood that less investments on a less than 7 per cent growth rate has affected the country's economic growth.
GDP growth overestimated by 2.5 per cent during FY12 and FY17: Former chief economic adviser Arvind Subramanian
'India changed data sources and methodology for estimating real GDP for the period since 2011-12. the change has led to a significant overestimation,' he said.
A growing number of critics have questioned India’s high growth estimates under Prime Minister Narendra Modi’s government.
The economy has become a major cause of concern for the new government with GDP dropping to 5.8 per cent in the last quarter of the 2018-19.