IT and Industries Minister K T Rama Rao on Friday said the Union government should take bold and innovative decisions and give a free hand to States in matters of finance if it wants to reach the ambitious target of a $5 trillion economy.

He was speaking at a session on “March to $5 Trillion Economy: Reality or Ambitious” at the National Association of Software and Services Companies (NASSCOM)’s Technology Leadership Forum 2020 in Mumbai.

CP Gurnani, Managing Director and Chief Executive officer of Tech Mahindra, kick-starting the discussion, sought the young leader’s opinion on achieving the $5 trillion dollar economy, in the light of Telangana State’s magnificent growth in IT, service, manufacturing and agriculture sectors faster than the national average.

“I am upbeat about the development prospects of the country, but to achieve the set target, the Centre must take innovative and bold decisions. We expected the Union government to take such initiatives but it has failed to do so. Whether the Centre agrees or not, the numbers are saying that the economy has been on the downtrend for the past two to three years,” Rama Rao said.

The Minister said it was time for the Centre to acknowledge the fact that growth of States is indispensable for the growth of the nation. “The Centre must follow fiscal federalism in its true spirit. States such as Telangana that are on faster growth trajectory are facing shortage of capital. Huge amounts are required to create infrastructure,” he said, adding that States should be allowed to scout around for cheaper capital like countries in North America, Europe and Japan to spend on massive infrastructure projects.

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