NEW DELHI: Finance ministry's top officials will appear before the Parliamentary Standing Committee on Finance on Monday for oral evidence on 'Overall Economic Outlook and Roadmap for USD 5-trillion economy', as perthe agenda posted on Parliament website.

The officials appearing before the panel will include Finance Secretary T.V. Somanathan, Economic Affairs Secretary Ajay Seth, Chief Economic Advisor V. Anantha Nageswaran, and NITI Aayog Chief Executive Officer Parameswaran Iyer.

Emerging from the COVID-19 crisis, countries are chalking out roadmaps to step up sustainable recovery. In this backdrop, India has set a target of a USD 5-trln economy in a few years from now. Earlier, during the pre-pandemic phase in 2019, Prime Minister Narendra Modi had said that the USD 5-trln economy target would be achieved by 2024-25.

However, this year in February, Chief Economic Adviser Nageswaran mewntioned that India would become a USD 5-trln economy by 2026-27. The International Monetary Fund, which had earlier said that this target could be achieved only by 2028-29, subsequently corrected its view and came out with a new projection to agree that India can become a USD 5-trln economy by 2026-27. However, D. Subbarao, former governor of the RBI, is still of the view that India can become a USD 5-trln economy only by 2028-29 if it continues to grow by 9% for five years.

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