$5-trillion GDP target simply out of question: Former RBI Governor C Rangarajan
Stating that the economy is in bad shape, former Reserve Bank governor C Rangarajan has said at the current growth rate, reaching the USD 5-trillion GDP target by 2025 is "simply out of question."
The Modi go nment soon after assuming office for the second term has set a target of taking the economy to USD 5 trillion over the next five years. But since there have been dark clouds gathering all over the economy leading many to question the maintainability of the target.
The economy has been on steady decline with growth rate slowing from 8.2 percent in FY16 to 6.8 percent FY19.
While the first quarter growth slipped to a six-year low of 5 percent, the best forecast for the second quarter is 4.3 percent now. Even RBI has lowered its growth full year forecast by a full 9o bps in two months to 6.1 percent in its October policy review.
"Today our economy is about USD 2.7 trillion and we are talking about doubling this over the next five years at USD 5 trillion. The required rate of growth to achieve that level is in excess of 9 percent per annum. Reaching USD 5 trillion by 2025 is simply out of question," Rangarajan said here on Thursday.
"You have lost two years. This year it is going to be under-6 percent growth and next year it may be about 7 percent. Thereafter the economy may pick up," he said while addressing a function organised by IBS-ICFAI Business School.
He also if at all the GDP becomes a USD 5-trillion gorilla, our per capita income will grow still USD 3,600 up from the present USD 1,800, leaving us still in the low-middle income country bracket.
"The definition of a developed country is the one whose per capita income is USD 12,000. It will take 22 years for us to reach that level provided we grow at 9 percent per annum," the former central banker said.
来源：三泰虎 http://www.santaihu.com/48835.html 译者：Joyceliu
Bring all the fraud money to Indian treasury by Sonia, pappu , sharad pawar , NDTV staff n company at large , all these lefty MEDIA FUNDS, PTI, VADRA , CHIDAMBARAM , JAY LALITAHA (now dead but money some one enjoying!) N MANY many more BEAUROCRATS, media n academia , military co ption....India will easily effortlessly become super power if co ption is been stopped or reduced
Because of such dull head people who let down india, are good in speaking such negativity. India is struggling to reach the goal, let it be near goal set to 5 trillion dollors...Mother India pity this son of Negative thoughts....What have you contributed to India Growth..it is Negative trade, have you shrived to create Forex reserves...Mother India, what a son you have given....One has to open the cases he has solved and as to how many days he has taken to approve any good schemes... i really doubt his service to the salary taken.
Modi has his graph paper and pencil on the table. Instead of five trillion he can make India into a ten trillion economy.
A political statement of a congress stooge No one would accept the contention put forward
Presstitutes do not report "by 2025" in the headline.
Swabhanu Mysore Venkataramaiah
NO NEED. EVERYBODY KNOWS. AND THE BHAKTS (LIKE YOU) WILL NOT KEEP QUITE.
Under UPA go nment Plannng Commission members rest room in their office at Rs.35lakkhs cost.
Sankar Narayan Varier
Hey old man be optimistic ! The $5 Trillion dream is not for you. It is drafted for the next generation. What is wrong in it to try for a $5 trillion economy ? Don''t criticise unnecessarily. Extend possible support to achievde us that milestone.
Pls have some respect for him - you may like to check out his achievements. Btw, is this the language you use for your elders in the family - ''old man'' ?
Swabhanu Mysore Venkataramaiah
YES. YOU ARE 100% RIGHT. IT IS DEFINITELY FOR THE ''NEXT'' GENERATION ! ONE GENERATION IS SUPPOSED TO BE 50 YEARS. EVEN IN THE ''NEXT'' GENERATION IF THIS GOVT., IS THERE, THEY WILL STILL BE HARPING ABOUT THE 70 YEARS MISRULE BY THE NEHRU FAMILY AND BLAMING HIM AND GANDHIJI FOR ALL THE ILLS THAT MIGHT STILL BE THERE THEN.
Completely agree. Real GDP this year will only be 3 to 4 percent despite the feku go nment''s doctored figures. The 5 trillion and other pies in the sky promises are just election jumlas.
Even we the illiterates, know that this 5 Trillions expansion in our country is just a Feku’s Feku way of fooling the literate Indians... yet we fall prey to the Feku promises of Feku Master and his Bhakts..... Jai Hind
There are so many restrictions put by feku on average depositors in banking,i don''t think economy will ever grow as long as feku is in power.In fact,I am removing all money from banks now.How the hell you freeze someone''s account?That was the reason I opposed linking of aadhar-pan n bank account.The critics can be made paupers by freezing bank accounts
It is good to have high aspirations but these kind of feedback will help the go nment to do reality check. There are incredibly smart people so hope we make a turn around soon!
Such negative news is against the interest of the nation and one suspects what contribution they made except helping UPA Govt to increase NPA.
I dont understand why everyone is saying UPA govt increases NPA. UPA govt were targetting for GDP to be above 9%. After feku pm resumed office GDP went to 4.5% and all the investment became NPA. During the tenure of Feku PM the oil price is very low and this feku govt never reduced the price. SO where all the profit went? Why dont you bakth ask these question to your feku pm
Very enlightening,.... with facts hard to digest by bhakts
Indians are experts at declaring that something cannot be done. If John Kennedy asked such experts, they would have stated emphatically that man could not reach the moon and return safely. President Kennedy did not ask them; he charged NASA to go and do it. They worked ‘how’ that vision can be accomplished and they accomplished.Innovative leaders possess the capability to devise how a target can be accomplished and what steps, if necessary, even extraordinarily giant steps should be taken to reach the target.
Ex RBI Governor did a good job when he held the office. Now there is some one who is doing his best. I fail to understand the purpose of type of comments full of speculative negativity without any concrete positive suggestions. Such utterances in particular to youth who are just entering the administration and management field are just demorlaizing them.Institutions will do well not to invite such ex employees who have nothing to contribute positively.
Shaleen Nath Tripathi
If Chinese could grow their GDP double every 5-6 years, why couldn''t INDIA?... All we need to is to scale up our ambitions and investments to be a valuable part of the global supply or exports chain by relying on domestic and foreign competitiveness and productivity...
Modi and BJP are not serious enough to take the economy to US D5 trillion . It is their usual lies. If they bring peace amongst the Indians irrespective of their religious affiliations it will be good.They had /are terrorizing the media not to report anything bad of the go nment. No data''s pertaining to performance of the go nment is available whereas leaders after leaders are lying about the performance.
Why people are so negative & so short sighted to such high aim goal ? If GOVT may not reach 5trn but it will move & push entire eco system towards that. Ultimately it will benefit all into that process. The GOAL is for betterment & not for degradation. Why to have comment on same, hesitation on same & have doubt on same ? Did any earlier GOVT targeting such growth ? When we have such a POSTIVE GOVT to make India GROW, Keep supporting without creating hinderance. I Support PM''s GOAL to lift INDIA to 5 trn economy, that should be the SPIRT Of each INDIAN.
Every Indian must do his part to build the economy stronger. Pay taxes honestly first. Why argue over an ex RBI gov''s predictions. Problems with the Industries and Banks are inherent, they are the ones causing a mill stone to be hung around the neck of our economy. The govt is trying its best to put right many years of decay under the UPA govt.
Swabhanu Mysore Venkataramaiah
BLAMING OTHERS FOR ALL YOUR MISTAKES IS A NEVER ENDING STORY.
Aim for the Moon. Nothing wrong about thatAt least one can reach1st Floor
Economic slowdown and recession are global phenomenon but we are not in a good shape to accommodate it right now due to reformations which were taken place in past 2-3 years. Salaried classes can''t be swindlers since there are proper records on their pay and IT fraudulence can be constrained for a certain extend. Hence Govt needs to catch hold of big shot business magnates and industrial tycoons.
Agreed, Target of 5 Trillion Economy is hard to achieve,but aiming and trying might take the country to 3_4 Trillion Economy and hence good for all.
Dr Rangarajan, be mindful of criticising this go nment, it doesnt tolerate any views critical of its own.
How am I contributing to ensure Indian economy attains $5Tn and what I need to do more to keep a vision of $15Tn by 2030. I expect the former RBI Governor or every such experienced and qualified Indian should think on these lines...
Its good to set an ambitious target. Modi has set a target and hence will be accountable to the electorate in 2024. Rangarajan could have used his own wisdom and experience, to suggest what country should do to try to achieve the target. Instead, he just comes out as a pessimistic naysayer.