India needs GDP growth of above 8% to be $5-tn economy

The country needs to accelerate economic growth to above eight percent to achieve its target of becoming a USD 5-trillion economy by 2025, State Bank of India former chairman Rajnish Kumar said. "If India wants to become a USD 5-trillion economy then obviously we can't be happy with a 5-6 percent economic growth. We need to grow above eight percent," Kumar said at a virtual event organized by the IMC Chamber of Commerce and Industry.
For the growth of eight percent and above, he said, the country needs huge investment in the economy, lower tax rates that can ensure surplus in the hands of the people as well as of corporates, ease of doing business at the lower level, and availability of land.