$5-trillion economy achievable but time frame uncertain: SBI Chairman

State Bank of India chairman Rajnish Kumar on Saturday said the country can become a $5 trillion economy, but was skeptical whether it is achievable by 2024-25 as envisaged by the government.

Speaking at an interactive session organsied by FICCI, he said private investment was necessary for achieving the target.

We will definitely achieve, there is no doubt. Timeframe, I am not certain. Whether we'll achieve in five years, it is like, a very difficult question to answer. But $5 trillion, we will achieve for sure and again Im saying that it will come on the back of private sector investments revival," Kumar said replying to a query.

According to him, the government investments alone cannot achieve it and there is a need for huge investments in the infrastructure sector which would result in boosting the GDP.

FICCI president Sangitha Reddy said there is a slowdown in the economy and the government needs to infuse Rs one-two lakh crore to revive the sentiment.

This is one thing that we, industry, believes that notwithstanding any impact it may have on fiscal deficit, the government must find ways to induce at least Rs one-two trillion into the economy to boost construction and infrastructureonce again, she said.

According to her, there were pending bills getting piled up at every sector and there is a need for structural reforms for boosting the sentiment which would result in re- accelerating the economy.

Reddy said the $5 trillion economy target cannot be achieved either by the government or industry alone and they should 'clap hands' together to achieve it.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel