Need To Grow At 8% To Ensure India Is A $5 Trillion Economy By 2025, Says Economic Survey
The Survey is about enabling a “shifting of gears” to sustained economic growth for objective of $5 trillion by 2024-25.
Photo Credit :
India needs to grow at 8 per cent per annum to become a $ 5 trillion economy by 2025, says the Economic Survey.
The Economic Survey 2018-19, which was tabled in Parliament by Union Finance Minister Nirmala Sitharaman today, lays down the blueprint towards India becoming a $5 trillion economy by 2025 – something that has been stressed by PM Narendra MOdi.
The Survey is about enabling a “shifting of gears” to sustained economic growth for objective of US$5 trillion by 2024-25.
Learning from the global financial crisis, the economy has been viewed as either in a virtuous cycle or a vicious cycle and therefore the concept of equilibrium economics has been disbanded. Rather than trying to tackle various economic challenges of demand, jobs, exports et cetera in silos, the Survey makes the case that these “phenomena are all complementary”. Therefore, creating the virtuous cycle with investment, especially private investment, as the main driver can enable growth in each of these important macro variables.
This year’s Survey also utilizes advances in Behavioural Economics to address issues of gender equality, a healthy and a beautiful India, savings, tax compliance and credit quality. It recognizes the role of social norms in the success of initiatives such as Beti Bacho Beti Padhao, Swacch Bharat Mission and Jan Dhan Yojana to effect behavioral change.