India needs to become a USD 5 trillion economy by 2025, Says SBI Chief Rajnish Kumar

It has been reported that India needs to accelerate economic growth to achieve its target of becoming a USD 5-trillion economy by 2025, State Bank of India (SBI) Former Chairman Rajnish Kumar said. In order to ramp up economic growth, the country needs huge investment in the economy, SBI former chief said. He was speaking at a virtual event organised by the IMC Chamber of Commerce and Industry.

Under the IMC Chamber of Commerce and Industry’s ongoing Thought Leadership series, IMC organised a fireside chat with Rajnish Kumar, to discuss the ‘Custodian of trust views on financial happenings’, the report said.

He elucidated various elements impacting the banking industry like an adaptation of cryptocurrency, privatisation of banks, performance of banks during the pandemic, inflation outlook and stabilizing interest rates.

“India needs an overall investment of 100 lakh crore in 5 years to make India a 5 trillion dollar economy. This can be achieved through synergies between the government and the private sector. Increase in private investments in agriculture, infrastructure, manufacturing, services sector etc. Infrastructure and power are the critical sectors, and good reforms and policies will give a strong boost. The ease of doing business has improved significantly. However, the need for consistent and transparent policies delivered through technology will help boost smaller businesses and the unorganised sector”, the report said.

Digitisation has truly changed the face of the economy, technology is at the core of every business may it be healthcare, manufacturing, agri etc. In the near future, no business, public or private will survive without technology.

Sharing his views on cryptocurrency, Kumar said, “Nobody has yet been able to define cryptocurrency. There are conflicting views between governments and jurisdictions globally. Strong guidelines focussing on consumer protection, anti-money laundering etc. is a must to deal with this new animal.” (LiveMint)