Achieving USD 5 trillion economic growth in India is possible- Dr. Rajiv Kumar
Pune, September 26, 2019: “To become a USD 5 trillion economy is not a pipe dream and India can reach the target by 2025, if it achieves nominal rate growth of 12 percent or more in the next few years. We need to lessen our cost of production in agriculture and improve land yields and make it more culturally, politically and technologically modernized. Our PM, Narendra Modi is committed in doing so and India has the potential to become second largest economy in Purchasing Power Parity (PPP) terms by 2047, when we celebrate the century of India’s independence,” said Dr Rajiv Kumar, Vice- Chairman, NITI Aayog while speaking at Eighth Foundation Day Lecture of Pune International Centre (PIC) on Wednesday, September 25, 2019 held at Yashwantrao Chavan Academy of Development Administration (YASHADA), Baner, Pune.
The PIC Policy document ‘Progressive Maharashtra: Policy Road Map 2019-2024’ by key author, Pradeep Apte was also released during the program in presence of several dignitaries.
“The economic underdevelopment of India’s financial sector is the main concern. India’s GDP growth has decelerated to almost 300 BPS in past one year due to unformalized economy. We must change and expand our current export growth rate and external trade and make it more positive. Since 2013, we’ve made less use of our external demand and since 2008 our share of global trade has declined,” he added.
Stressing on several impediments which have contributed in obstructing the rate growth, Dr. Kumar said, “Issues like Agricultural Slowdown, Poor Credit Growth, Poor Export, Inefficiencies in Power and Energy and Inefficiencies in Public Sector Enterprises have caused the economy to lag behind. We have to work in all these sectors if we want to achieve the USD 5 trillion target,” Dr Rajiv Kumar added.
PIC also organized ‘Abhinav Spardha’ as a part of its foundation day celebration in association with Gyan Key organization, where 30 students were selected as winners out of 3500 plus entries across rural Maharashtra. These students were felicitated and awarded at the hands of Dr Rajiv Kumar.
The programme was chaired by Dr. Vijay Kelkar, Vice-President, PIC and Prashant Girbane, Honorary Director, PICdelivered the vote of thanks.
