Cabinet Secretary calls meeting to discuss $5 trillion economy vision

Cabinet Secretary P.K. Sinha on Monday has called meeting to discuss $5 trillion economy vision. Sinha has asked various departments of Finance Minsitry for a meeting to discuss the vision, policy intervention, investment and departmental responsibilities towards achieving the target of a $5 trillion economy by 2025. The vision to create India, a $5 trillion economy was announced by Finance Minister Nirmala Sitharaman during her Union Budget 2019 spech on Friday. 

The meeting by the Cabinet Secretary shall have eight secretaries forming several groups -- social, health, finance and economic and will deliberate on a roadmap to achieve the target, according to a IANS report. 

1. The finance group comprises the Finance, Revenue, Expenditure, DFS, MCA, DIPAM and DPE secretaries. 

2. The groups will holistically see which sector can contribute to year plan as well as in the mid term till 2022, official sources said.

3. During the Budget speech on Friday, Sitharaman said, "From $1.85 trillion in 2014, the economy has reached $2.7 trillion mark. We can very well reach $5 trillion in the next few years."

4. The road to a $5 trillion economy by 2024-25 would need investment in infrastructure, digital economy and initiatives to be proposed for kick-starting the virtuous cycle of investments, the Budget said. 

5. The Economic Survey has pegged a GDP growth rate of 7 per cent for FY20, up from 6.8 per cent in the previous fiscal. And to achieve the $5 trillion economy, the Survey has laid a road map where it says India must grow at 8 per cent.

6. The Survey said its theme is about enabling a 'shifting of gears', "to achieve the objective of becoming $5 trillion economy by 2024-25, as laid down by the Prime Minister and for this, "India needs to sustain a real GDP growth rate of 8 per cent.''