USD 5 trillion economy too idealistic: Niti Aayog committee official

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The government's target of achieving a USD 5 trillion economy by 2024-25 sounds "too idealistic", a Niti Aayog committee official said on Monday.The target has been so set to raise the bar of India's economic performance, she said. "For now, the ambitious USD 5 trillion economy target is a statement of intent, which sounds too idealistic," said Bindu Dalmia, 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 per cent, she said at an MCCI-organised session here. Dalmia said to get to a USD 5 trillion or USD 10 trillion economy by 2030 from the current levels of USD 2.9 trillion, India needs to grow at 11.5 per cent annually in nominal terms, or 7.5 per cent 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 added. The official also said that government spending has to be stepped up in the "absence" of private sector participation. 

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