New Delhi, July 5 -- Private investment is the essential ingredient to grow India into a $5 trillion economy by 2024-25, the Economic Survey for 2018-19 said, calculating that the economy would have to grow 8% a year to achieve the goal, and projecting this financial year's growth rate at 7%, a modest improvement over last year's 6.8%.

"Investment, especially private investment, is the 'key driver' that drives demand, creates capacity, increases labour productivity, introduces new technology, allows creative destruction, and generates jobs," the Survey, which outlined the country's economic health, said. It was tabled in Parliament by finance minister Nirmala Sitharaman on Thursday.

The Survey said the economy is ideally placed to grow, ...