GDP growth rate for 2019-20 is likely to be 7 per cent on stable macroeconomic conditions

India needs to sustain a GDP growth rate of 8 per cent to become a $5 trillion economy by 2025, stated the Economic Survey on Thursday.

Such growth can only be sustained by various cycle of savings, investment and exports, it said.

Tabling the survey document in the Rajya Sabha, Finance Minister Nirmala Sitharaman said global crude oil prices are expected to decline in the current financial year 2019-20.

But India's export prospects remain weak. However, the GDP growth rate for 2019-20 is likely to be 7 per cent on stable macroeconomic conditions.

Ms Sitharaman said accommodative monetary policy is required to help cut real lending rates as investment rate seems to have bottomed out.