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Published on 16/08/2022 9:49:54 AM | Source: Accord Fintech

India may become $5 trillion economy by FY29 if it grows at 9% for 5 years: Subbarao

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Former RBI Governor D Subbarao has said India may become a USD five trillion economy by 2028-29 only if the GDP grows at nine per cent per annum consistently for the next five years. He said there are eight key challenges for India to overcome to achieve the dream of $5 trillion economy.

According to him, the challenges are increasing investment, improving productivity and education and health outcomes, creating jobs, raising agriculture productivity, maintaining macroeconomic stability, managing global mega trends and improving governance.

Further, Subba Rao said Modi government triggered a debate on State subsidies and all political parties are at fault for the situation. He cautioned that the States and union government must realise that, the country does 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 money and the future generations should not be burdened with unnecessary debt burden.