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Mood of the Nation survey: 42% believe India can become $5 trillion economy by 2025

BusinessToday.In     January 23, 2020

Less than half - 42 per cent - of respondents in the Mood of the Nation survey believe that India can become a $5 trillion economy by 2025. The survey conducted by India Today and Karvy Insights surveyed 12,141 people from across the country.

A majority - 58 per cent - are either not hopeful or are doubtful of the target. Out of the 58 per cent, around 34 per cent believe that India won't reach the $5 trillion target by 2025, while 24 per cent have no opinion on this.

When it comes to the state of the economy, a whopping 60 per cent believe that it is either growing slowly or not growing at all and only 29 per cent believe that the economy is doing well.

The responses are in line with recent estimates. According to the estimates of the national income released by the National Statistical Office (NSO), India's GDP growth may fall to an 11-year low of 5 per cent in the current fiscal.

Also Read: Mood of the Nation survey: 47% believe that Modi 2.0 will create more jobs

Separately, the International Monetary Fund (IMF) also recently slashed India's growth to 4.8 per cent from its earlier projection of 6.1 per cent. IMF Chief Economist Gita Gopinath said that India is primarily responsible for the downgrade revision in growth projections for emerging markets and developing economies.

Gita Gopinath said to India Today, "We have projected global growth at 2.9 per cent for 2019 and 3.3 per cent for 2020 which is 0.1 percentage point lower than the October estimates. The vast majority of it comes from our downgrade for India which was quite significant for both years." However, the economist believes that India will recover in the next fiscal.

Meanwhile, the government is upbeat about the target of $5 trillion economy by 2025 and laid out the path to achieve the goal in the recently released National Infrastructure Pipeline (NIP) report.

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