Interoperable, pervasive and highly mobile are key objectives for Fifth Generation (5G) communication system. Each generation of wireless mobile technology has provided data transmission speeds several orders of magnitude higher than the preceding technologies. The upcoming tactile internet or the 5G technology is to theoretically provide the peak download data rate of 10Gbps. This paper enunciates the basic challenges and requisites for 5G technology. Technologically, to meet and surpass the expected key performance issues, in respect of networking(1000x more in aggregate and 10x more at link level), service-level latency (1ms for tactile Internet at 30-50Mbps), energy efficiency (90% less consumption), coverage (global and seamless experience), battery lifetime (10x longer), QoS (Quality of Service) and manageability are the major objectives to be fulfilled.