{"id":4275,"date":"2019-11-22T06:34:14","date_gmt":"2019-11-22T06:34:14","guid":{"rendered":"https:\/\/ncrfrontlinenews.com\/?p=4275"},"modified":"2019-11-22T06:35:13","modified_gmt":"2019-11-22T06:35:13","slug":"reaching-5-trillion-gdp-target-simply-out-of-question-says-ex-rbi%e2%80%89governor-c-rangarajan","status":"publish","type":"post","link":"https:\/\/ncrfrontlinenews.com\/?p=4275","title":{"rendered":"Reaching $5 trillion GDP target simply out of question, says Ex-RBI\u2009governor C Rangarajan"},"content":{"rendered":"<p><strong>New Delhi, <\/strong>\u00a0Stating that the economy is in bad shape, former Reserve Bank governor C Rangarajan has said at the current growth rate, reaching the USD 5-trillion GDP target by 2025 is \u201csimply out of question\u201d.<\/p>\n<p>The Modi government soon after assuming office for the second term has set a target of taking the economy to USD 5 trillion over the next five years. But since there have been dark clouds gathering all over the economy leading many to question the maintainability of the target.<\/p>\n<div id=\"playstream_out\" class=\"playstream_out\">\n<div class=\"video-container\">\n<div id=\"ad_container\">The economy has been on steady decline with growth rate slowing from 8.2 percent in FY16 to 6.8 percent FY19. While the first quarter growth slipped to a six-year low of 5 percent, the best forecast for the second quarter is 4.3 percent now. Even RBI has lowered its growth full year forecast by a full 9o bps in two months to 6.1 percent in its October policy review.<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<p>Today our economy is about USD 2.7 trillion and we are talking about doubling this over the next five years at USD 5 trillion. The required rate of growth to achieve that level is in excess of 9 percent per annum. Reaching USD 5 trillion by 2025 is simply out of question,\u201d Rangarajan said here on Thursday.<\/p>\n<p>\u201cYou have lost two years. This year it is going to be under-6 percent growth and next year it may be about 7 percent. Thereafter the economy may pick up,\u201d he said while addressing a function organised by IBS-ICFAI Business School.<\/p>\n<p>He also if at all the GDP becomes a USD 5-trillion gorilla, our per capita income will grow still USD 3,600 up from the present USD 1,800, leaving us still in the low-middle income country bracket.<\/p>\n<p>\u201cThe definition of a developed country is the one whose per capita income is USD 12,000. It will take 22 years for us to reach that level provided we grow at 9 percent per annum,\u201d the former central banker said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New Delhi, \u00a0Stating that the economy is in bad shape, former Reserve Bank governor C Rangarajan has said at the current growth rate, reaching the USD 5-trillion GDP target by 2025 is \u201csimply out of question\u201d. The Modi government soon after assuming office for the second term has set a target of taking the economy [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":4276,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":{"0":"post-4275","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"_links":{"self":[{"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/posts\/4275","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4275"}],"version-history":[{"count":3,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/posts\/4275\/revisions"}],"predecessor-version":[{"id":4279,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/posts\/4275\/revisions\/4279"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/media\/4276"}],"wp:attachment":[{"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4275"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4275"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4275"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}