Indian economy needs to grow at 14 pc per year

Indian economy needs to grow at 14 pc per year

Agency News

New Delhi, Apr 24: India, fighting Covid-19 along with other major global players, needs to grow at an average of 14 per cent every year over five years to achieve the target of five trillion dollars by 2024-25.

This was observed by a number of economic experts on the completion of one month of the ongoing nationwide Lockdown on Friday. Since 1992, the Indian economy has grown at an average of 5.6 percent every year. In no period since 1961, going by World Bank figures, has it come anywhere close to the figure of 14 per cent. Informatively, China averaged a growth of 9.5 per cent per annum from 1992 to 2018. From 1961 to 2018, it hit 14 per cent or more seven times, but never more than twice in a row.

Over the past decade, since 2009, the year after the World financial crisis, the Indian economy has grown at just over 7per cent per year - according to the Government's statistics. "We believe, the economic target of 5 trillion dollar, is still achievable by the Government if it is preoccupied with productive issues only not with others like an NRC or building a temple," the experts said in unison. Incidentally, on April 1, the experts had maintained that India is determined to take the country to its ambitious 5 Trillion Dollar economy target smashing the Covid-19 outbreak.

This was also echoed in the observations of a number of industrialists, agriculturist and real estate consultants, coinciding with unfolding of the new FY - 2020-2021. " India is now in the cusp of transformation amidst the dark clouds, but has the potential to achieve the 5 trillion dollar economy target," they asserted. The observations came amid lowering of interest rates on some small savings schemes on March 31 as a 'remedial measure' to tackle slow down. (UNI)