Kolkata: Claiming that India is “trapped” within a range-bound GDP growth, Niti Aayog committee official, Bindu Dalmia, on Monday said the government’s ambitious target of achieving a $5-trillion economy is too idealistic.
The target has been to set to raise the bar of India's economic performance, she said.
"For now, the ambitious $5 trillion economy target is a statement of intent, which sounds too idealistic," said Dalmia, who is the chairperson of the National Committee on Financial Inclusion and Literacy at Niti Aayog. “India is trapped within a range-bound GDP growth of 5%-6%."
Dalmia mentioned that to get to a $5 trillion or $10 trillion economy by 2030 from the current levels of $2.9 trillion, India needs to grow at 11.5% annually in nominal terms, or 7.5% in real terms over the next 10 years.
"Now, it is not impossible (real GDP growth of about eight per cent) from the current base. But, it's not easily doable either," she said, adding the government spending has to be stepped up in the "absence" of private sector participation.