8% growth needed for a $5-trillion economy: Ex-RBI governor
Team Udayavani, Jul 12, 2019, 6:09 PM IST
Hyderabad: To become a USD five- trillion economy in the next five years, the country should grow at eight per cent per annum and it requires a clear roadmap, former RBI governor C Rangarajan said here on Friday.
Speaking at the ninth convocation of Icfai Foundation for Higher Education, he said though investments are the key drivers of economic growth, policymakers must try hard to create the right climate for investments.
Prime Minister Narendra Modi recently said the union budget for 2019-20 lays down a roadmap for nearly doubling the size of the Indian economy to USD 5 trillion in five years by raising per capita income, boosting consumption and increasing productivity.
“Investment is the key driver of economic growth. There are limits to which public investment can grow as the demand for welfare expenditure keeps increasing,” Rangarajan said.
Private investment by companies both small and large have a bigger burden to bear. Policymakers must try hard to create the right climate for investments to come, he said.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Congress to discuss candidates for Amethi, Raebareli seats on Saturday
Cache of arms including foreign-made revolvers seized by CBI in Sandeshkhali raids
24 Indian Fishermen Released from Sri Lankan Detention, Repatriated to India
SC verdict on EVM tight slap to Congress-led opposition: PM Modi in Bihar rallies
Board exams twice a year from 2025: MoE asks CBSE to work out logistics, no plan for semesters
MUST WATCH
Latest Additions
Patanjali Foods to evaluate proposal to buy Patanjali Ayurved’s non-food business
Congress to discuss candidates for Amethi, Raebareli seats on Saturday
BJP’s CT Ravi Booked for Promoting Hatred and Enmity Through Social Media Post
Elections held in 14 LS segments in Karnataka, voter turnout nearly 64 per cent till 5 pm
‘PM is scared, may even shed tears on stage’: Rahul Gandhi’s fresh salvo at Modi