Former RBI governor D Subbarao has said India's GDP growth of 13.5 per cent in the April-June quarter of 2022-23 (Q1FY23) has turned out be a cause for 'disappointment and concern', as there was expectation of a bigger bounce back from the first quarter of last year when economic activity was crippled by the Delta wave of COVID-19.
He added that risk factors for the country's growth outlook in the short term include high commodity prices, possibility of a global recession, monetary tightening by the RBI and an uneven monsoon that could threaten crop output, especially of rice.
Besides, he stated that ‘in order to get to $5 trillion over the next 4-5 years, India should be growing consistently at 8-9 per cent which requires us to be firing on all cylinders, but most of the country's growth drivers are ebbing’. In 2019, Prime Minister Narendra Modi envisioned to make India a $5 trillion economy by 2024-25.
