Economic Survey 2019: India needs 8% growth to be $5-trn economy by FY25

The Survey, however, cautions that the country might face a challenge from an economic slowdown impacting tax collections amid rising state expenditure on the farm sector

Economic Survey 2019, tabled in Parliament on Thursday, painted an optimistic picture of the Indian economy, projecting the country’s gross domestic product (GDP) would grow at seven per cent in 2019-20, against a five-year low of 6.8 per cent the previous year, with political stability aiding a pick-up in demand and investments. India would need to grow at 8 per cent annually to become a $5-trillion economy by FY25, the Survey estimated.

The forecast is the same as the Reserve Bank of India’s reading, which in June lowered its projection by 20 basis points from 7.2 per cent. A gloomy