New Delhi, July 4 Praising the Economic Survey 2018-19 presented in Parliament on Thursday, Prime Minister Narendra Modi has said that the survey outlines a vision to make India a $5 trillion economy.
“The #EconomicSurvey2019 outlines a vision to achieve a $5 Trillion economy,” the Prime Minister said in a tweet. He also said that the survey depicts the gains from advancement in the social sector, adoption of technology and energy security.
A Finance Ministry statement said the the theme of the survey is about enabling a shifting of gears towards sustained economic growth for objective of $5 trillion by 2024-25.
The government said economic growth in fiscal 2020 could rise to 7 per cent from 6.8 per cent for the year that ended on March 31, which was the slowest in five years.
“The growth in the economy is expected to pick in 2019-20 as macroeconomic conditions continue to be stable,” said Chief Economic Adviser Krishnamurthy Subra
According to the survey, India’s real GDP will have to grow consistently at 8 per cent to achieve the target of $5 trillion economy by 2024-25.
The survey said that international experience, especially from high-growth East Asian economies, suggests that such growth can only be sustained by a “virtuous cycle” of savings, investment and exports catalysed and supported by a favourable demographic phase.
Investment, especially private investment, is the “key driver” that drives demand, creates capacity, increases labour productivity, introduces new technology, allows creative destruction and generates jobs, it added.