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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.


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