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Talking about the slow growth of the economy, former Reserve Bank Governor C Rangarajan has made some interesting comments. Mentioning the current growth rate of the economy he said BJP's dream of reaching USD 5-trillion GDP target by 2015 is 'simply out of question.'
After winning the elections for the second time consecutively, the BJP government has set a target of reaching USD 5 trillion in the coming five years. Quite contrast to their belief, a question was raised on reaching the target.
The growth rate of the economy has slowed down from 8.2 percent in Financial Year 16 to 6.8 in the financial year 2019.
'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,' he observed.
'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 added.