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Business News/ News / India/  Goal of $5-tn economy achievable but timeframe uncertain: SBI chief

Goal of $5-tn economy achievable but timeframe uncertain: SBI chief

Rajnish Kumar said private investment is necessary for achieving the target
  • According to Kumar, the government investments alone cannot achieve the goal
  • Rajnish Kumar (Photo: Bloomberg)Premium
    Rajnish Kumar (Photo: Bloomberg)

    Hyderabad: Chairman of State Bank of India chairman Rajnish Kumar on Saturday said the country can become a $5-trillion economy, but was skeptical whether it is achievable by 2024-25 as envisaged by the government. Speaking at an interactive session organsied by FICCI, he said private investment is necessary for achieving the target.

    "We will definitely achieve the $5 trillion economy, there is no doubt. Timeframe, I am not certain. Whether we'll achieve in five years, it is like, a very difficult question to answer. But $5 trillion, we will achieve for sure and again I'm saying that it will come on the back of private sector investments revival," Kumar said replying to a query.

    According to him, the government investments alone cannot achieve it and there is a need for huge investments in the infrastructure sector which would result in boosting the GDP.

    FICCI president Sangitha Reddy said there is a slowdown in the economy and the government needs to infuse one-two lakh crore to revive the sentiment.

    This is one thing that we, industry, believes that notwithstanding any impact it may have on fiscal deficit, the government must find ways to induce at least one-two lakh crore into the economy to boost construction and infrastructureonce again, she said.

    According to her, there were pending bills getting piled up at every sector and there is a need for structural reforms for boosting the sentiment which would result in re- accelerating the economy.

    Reddy said the $5-trillion economy target cannot be achieved either by the government or industry alone and they should 'clap hands' together to achieve it.

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    This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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    Published: 04 Jan 2020, 07:47 PM IST
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