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GDP slump to hit India's $5-trn economy target: NITI Aayog

Nov '19
Pic: Shutterstock
Pic: Shutterstock
Indian government think tank NITI Aayog has cautioned the government that the path to a $5-trillion economy by 2025 is plagued with several hindrances. While the nominal gross domestic product (GDP) growth rate was a mere 8 per cent in the first quarter of this fiscal, it has to be at least 12.4 per cent on an average for achieving that target, the Aayog said.

NITI Aayog chief executive officer Amitabh Kant made a presentation recently to the standing committee on finance, chaired by former minister and Bharatiya Janata Party member of parliament Jayant Sinha.

There has been a sharp decline in exports in the textiles from 2017 onwards, the presentation said.

‘Domestic investment and consumption’ are the only dependable drivers for sustainable re-acceleration of the economy, according to Kant’s presentation, which said a deceleration in investment is visible, however, primarily in the household sector.

The slowdown in the domestic market is also because of limited availability of capital with the banks which are tied down due to high non-performing assets in heavy industry and infrastructure,a top Indian newspaper reported citing Kant’s presentation.

The presentation flagged the urgent need to focus on export of high-value technology and manufacturing goods instead of primary goods currently being exported.

Fibre2Fashion News Desk (DS)

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December 2019

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