$5-trillion GDP needs 12.4% nominal growth a year, says NITI Aayog

This is 0.4 percentage points higher than estimated by the Economic Survey for 2018-19, owing to a slowing economy

Gross domestic product (GDP) in India at current prices needs to grow by 12.4 per cent annually over the next five years for the country to be a $5-trillion economy by 2024-25, an internal assessment by the NITI Aayog has showed.

This is 0.4 percentage points higher than what was estimated by the Economic Survey for 2018-19, owing to a slowing economy and an expected increase in the depreciation of the rupee against the dollar. The assessment, which was shared with select parliamentarians recently, pegged nominal GDP (at current prices) in the current financial year at around 10 per cent.