Guwahati: Top banking representatives have suggested that the Ukraine crisis, rising inflation and after-effects of the coronavirus pandemic, has stood as a hurdle in achieving the target of making India a USD 5 trillion dollar. And this could only be possible by 2030 at the current GDP growth rate.

Representatives of leading public sector banks are learnt to have indicated this to the high level Parliamentary standing committee on finance.

As mentioned in the Economic Times, according to sources privy to developments, representatives of top public sector banks like State Bank of India (SBI), Punjab National Bank (PNB) and Union Bank of India recently held a meeting with the Parliamentary panel.

They had a discussion on the subject of "Global and Indian Economy and Roadmap for USD 5 trillion Indian Economy".

They also discussed the performance review of the banking sector including Insolvency and Bankruptcy Code (IBC) operations, which are said to have indicated that at the current GDP rate of around 6.4 percent, it would not be possible to make India a USD 5 trillion economy by 2024-25.

The panel came to a conclusion that at the existing growth rate, the target may only be achieved by 2030.

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