According to the economic survey, India's economic growth, which is expected to rebound from a five-year low to 7 per cent this year, now needs to shift gears to accelerate and sustain a higher growth rate to become a $5 trillion economy by 2024-25.
The Government has projected India's real GDP growth for the year 2019-20 at 7 per cent on the back of anticipated pickup in the growth of investment and consumption.
Speaking to NDTV on an exclusive interview Mr Subramanian talks about economic growth and the $5 trillion economy goal the Prime Minister has set a goal for.
Prime Minister Narendra Modi on Thursday tweeted the government's roadmap on how to take India to a United States dollars 5 trillion economy.
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It was the first Economic Survey of the NDA government after it won a second term with a landslide victory in the national election held in April and May. Investment is rate picking up in FY2020 on higher credit growth and improved demand, it stated.
The government report said the accommodative monetary policy of the central bank could help decrease real lending rates and push investments. Further, the narrowing in bad-loans ratio is seen helping boost the capital expenditure cycle. In a statement, the senior Congress leader said the findings of the economic survey 2018-19 were neither positive nor encouraging.
Chidambaram added that there were no growth projections sector wise.
A shortfall in monsoon rains, pivotal for the farm sector that constitutes about 15 per cent of the economy, employing almost half of India's workers, has increased concern about rural distress and strengthened the case for government intervention.
"Some regions are expected to receive less than normal rains", the survey said, underlining the risks.