HYDERABAD: Even though the target of India becoming a $5 trillion economy looks ambitious, it is realistic and achievable, considering multiple successes in all domain s of governance in the last five years, said Professor KV Subramanian, Chief Economic Advisor, Government of India, here on Saturday.
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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 innumerable jobs for all sections of society, thereby making the development truly inclusive, he said.
Addressing the 2018 batch of assistant collectors under training allotted to Telangana, military engineer services probationers, group-I officers of Telangana state, senior officers from Madhya Pradesh and other trainees at Dr MCR HRD Institute in Hyderabad on Saturday, Subramanian made a presentation on ‘The State of Indian Economy’.
He said India took 55 years to reach the first trillion-dollar-economy mark, and thereafter, grew from $1.7 trillion to a whopping $2.7 trillion in the last five years, that is, from 2014-19.
India is now the sixth-largest economy, and reaching the $5-trillion mark would make it the third-largest economy.
“For this to happen, real-term growth of 8 per cent per annum is the need of the hour; and the Economic Survey 2018-19 lays down a strategic blueprint to achieve this cherished goal,” Subramanian said.
Subramaniam said many enterprises preferred to stay small to benefit from incentives, and as a result, their growth was less than their real potential. Subramanian and Acharya gave away prizes for various competitions.
Principal Secretary Finance K Ramakrishna Rao was also present.