Breaking News

You are here » Indian-Commodity  :  Economy  :  India will become $5 trillion economy in 7 years: Suresh Prabhu

07-Sep2018

India will become $5 trillion economy in 7 years: Suresh Prabhu

Expressing confidence on the growth of the Indian economy, Union Minister for Commerce and Industry Suresh Prabhu has said that India will become a $5 trillion economy in seven years from the present 2.6 trillion dollars, with phenomenal changes in social and economic sector reforms. He also said that the Gross Domestic Product (GDP) growth of 8.2% in the Q1FY19 will be consolidated and continue going forward and India would certainly become a $10 trillion economy by 2035.

In order to boost growth, Prabhu said that the government has prepared a multi-sectoral strategy besides the reforms and improving the ease of doing business. He said a new industrial policy is on the anvil with dual focus on modernizing existing businesses and getting new and futuristic businesses into the economy, for which 12 champion service sectors have been identified for systematic promotion.

The Minister expressed hope that the 'Make In India' initiative will become an even bigger success in the future and said 'Start-ups are the best laboratory for change and innovation. We already have around 20,000 start-ups registered with DIPP and are promoting in a major way across the country.' On the agriculture and horticulture growth, he said the government aims to double the income of farmers by 2022, while the country notched the highest export growth in the past six years in FY18.


Related News

View all news

CPI inflation hits 6-month high of 2.92% in April

India's retail inflation based on Consumer Price Index (CPI) continued northward journey for third straight month and inched up to a 6-month high of 2.92% in April 2019 due to a spike in food prices, including......

Indian economy to grow at 7% range in current fiscal: Subramanian

Chief Economic Advisor (CEA) Krishnamurthy V. Subramanian has said  that the Indian economy would grow at 7% range in the current financial year (FY20) powered by the effects of the strong structural......

Banks take 57% haircut in 94 cases resolved in FY19: ASSOCHAM-CRISIL study

A joint study carried out by the industry body Associated Chambers of Commerce & Industry of India (ASSOCHAM) and rating agency CRISIL stated that banks have taken a huge 57% haircut in the 94......

Top News

View all news

SRF, NIIT Technologies and United Bank of India to see some action today

SRF has entered into a definitive agreement to sell its Engineering Plastics Business to DSM, the Life Sciences and Materials Sciences Company in an all-cash transaction, amounting to Rs 320 crore. The......

NIIT Technologies concludes sale of 88.99% stake in ESRI India Technologies

NIIT Technologies has concluded the sale of 88.99% equity shares in ESRI India Technologies, India to Environment Systems Research Institute Inc., USA. Consequent to above sale, ESRI India Technologies,......

United Bank of India to raise Rs 1,500 crore by various means

United Bank of India has received approval to raise equity capital not exceeding Rs 1,500 crore in one or more tranches during the financial year by way of Qualified Institutions Placement, Public Issue,......