New Delhi (Sputnik): India’s top bank has revised the country’s growth outlook to 5 percent from an earlier projection of 6.1 percent after quarterly growth slowed to a 6-year low at 4.5 percent in July-September. The economy needs 8 percent growth to achieve reach $5 trillion by 2025.
Indian Prime Minister Narendra Modi has reiterated the dream of having a $5 trillion economy by 2025 while taking a dig at the opposition saying the infrastructure projects announced by the previous government are difficult to complete.
Addressing a summit in New Delhi, the prime minister said India will soon take a decision on regarding the investment priorities of the country’s banking sector.
Addressing a summit in New Delhi, Modi said, “India is working towards $5 trillion economy, which will bring ease of living and a better tomorrow. Rules and procedures are being simplified to push development in India.”
Modi hinted that the government will soon make up its mind on “safeguarding bankers’ decision”.
Fear of scrutiny of the commercial decisions by investigative agencies is hurting the availability of credit, according to government officials.
Modi said that the multi-million infrastructure projects remained stuck due to issues of the past, in an apparent swipe at Congress, which is now India’s main opposition party. “Finding it difficult to implement the multi-million road and rail projects due to issues of the past.”