Aim of becoming USD 5-trillion economy possible: Pranab

Former president Pranab Mukherjee on Saturday said the government's ambitious target of becoming a USD 5-trillion economy by 2024-25 is possible through prudent fiscal management.

Mukherjee also said the GST needs more clarity and that some signs of a slowdown in the economy were visible since last year, leading to a lower GDP growth rate.

"The target of achieving a USD 5-trillion economy is possible if finances are managed well and prudently... Without investments, economy will not grow," he said at a session organised by the Association of Corporate Advisors and Executives (ACAE) here.

The GDP growth needed for achieving the target should be "deflated by inflation (not taking inflation into account) and the present exchange rate should be maintained", the former finance minister said.

On the Goods and Services Tax (GST), Mukherjee said, "The implementation of GST replaced a plethora of taxes. But, it needs more clarity from the government so that compliance is better."