Speaking at the AGM of Indian Chamber of Commerce here, Kumar said the government alone would not be able to meet the target of achieving the USD five trillion economy.
“It cannot be done by the government alone. The private investors would have to take the lead,” Kumar said.
The Niti Aayog vice-chairperson said, there are several initiatives mentioned in the budget which point out to the willingness of the government to work along with the private sector.
These included hike in the disinvestment target, governmental support to NBFCs and long-term plan to deepen the corporate bond markets.
India was not an autocratic country, Kumar said and added that whatever needed to be done had to be within the democratic framework.
Kumar said structural reforms in the agriculture sector would also have to carried out. “This is key to the achievement of USD five trillion economy. There is a need to modernise the farm sector”, he said.