India Can Become A 5 Trillion Economy Only By 2028-29

“India can become a 5 trillion economy as envisaged by Prime Minister Mr Narendra Modi not before 2028-29. Also for this we need to clock an annual GDP growth of 9% consistently for the next 5 years” Said Dr. D. Subba Rao, former  RBI Governor. He was speaking at FTCCI on India @75- Marching Towards $5 Trillion Economy on the occasion of 75 years of Indian Independence held at FTCCI.

“I see 8 key challenges for India to overcome to achieve the dream of 5 trillion economy. They are Increasing Investment; Improving productivity; Improving Education and health outcomes; Creating jobs; Raising Agriculture productivity; Maintaining macroeconomic stability; Managing Global Mega Trends and Improving governance” Dr D Subba Rao added.

Dr D Subba Rao  further said “ Though Indian has made strides in all spheres of lives in the last 75 years, we still have 200 million people under the poverty line which is a huge concern. Also to progress and grow we need to take along with us the 600 million people in all our development activities. With 12 million youth entering the job market every year, its only manufacturing sector which can provide jobs of that scale and not the Agriculture, or services sector.

Touching on recent issues Dr D. Subba Rao added “Good that PM Narendra Modi triggered a debate on state Subsidies. All political parties are at fault for the situation. He cautioned that the States and Union government must realize that, we do not have surplus budgets and while some safety net is surely needed, they must be cautious and selective on what freebies to be given from borrowed monies and the future generations should not be burdened with unnecessary debt burden”.

Welcoming the gathering Mr.  Anil Agarwal, President, FTCCI said “From a third world country now India has become 6th largest economy of the world. From 82$ per-capita income in 1960 India has come a long way to the present 2220 $ per-capita income. Our Country has found place in the top 5 nations in the field of science and space exploration which is indeed a proud moment. India is the leading producer of Coal, Steel, Electricity and Pharmaceuticals globally. India's GDP stood at Rs 2.7 lakh crore at Independence and 74 years on, it has reached Rs 135.13 lakh crore.

Mr. Srinivas Garimella, Chair IDC committee FTCCI said “Last 75 years of Indian journey has been satisfactory. We are on the right track after our contribution to world economy has come down to 3% from 25% before independence during the 300 years of colonial rule. India might have missed the bus but expressed confidence that next 75 years is India’s.

FTCCI has released a booklet of compilation of Industrial growth strategy over the last 7.5 decades on the occasion of 75 years of independence.