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Modi’s $5 trillion economy dream may have to wait; why India’s GDP growth now depends on banks

Prime Minister Narendra Modi’s goal of making India a $5 trillion economy will now take a few more years to be achieved. to be achieved. If India’s economy grows at an annual average of 11.6 per cent during the next six years, the country’s GDP could reach $5 trillion by 2026-27, showed an estimate by CARE Ratings. While the growth of 11.6 per cent seems highly optimistic at this time as the coronavirus pandemic has led to disruptions in almost all the corners of the economy, the inherent potential of the Indian economy remains sound. The attributes that the country possesses in terms of size, political stability, progressive leadership, and relatively lower exposure to external vulnerabilities stand in good stead, the report added. However, on one hand, it was estimated that the economy may have to grow at a pace of 8 per cent to reach the $5 trillion goal, on the other hand, Care Ratings now expects India to register a contraction of 8 per cent in the current year. 

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