Indian economy to double to $5 trn in under a decade: Suresh Prabhu
09 Jun 2018
The Indian economy will double to between $5 trillion to $8 trillion, commerce minister Suresh Prabhu said on Friday. He said the growth would come as a result of the government taking a number of steps including formulating of a new industrial policy.
“We are working on few strategies to boost economic growth. We are now seeing an upsurge,” he told reporters while talking about the achievements of the government during the last four years.
Prabhu said that the growth in 2018-19 will be better than the preceding fiscal eithin the next two years India will be very close 8 per cent GDP or even cross it.
India’s GDP grew at 7.7 per cent in the January-March quarter of thje last financial year, retaining the tag of the fastest growing major economy, though on a yearly basis, it grew at a four-year low of 6.7 per cent in 2017-18, down from 7.1 per cent in the previous financial year.
He said the government had a vision for $5 trillion economy in which $1 trillion each will come from manufacturing, and agriculture and allied services, and $3 trillion from services.
He sqaid he would met his US counterpart and industry leaders on his US visit next week, and raise India’s concerns about tightening visa regime in the US and its impact on Indian IT sector.
On the US stand on India’s export support programmes, Prabhu said he would explain that these measures are not subsidies and instead ways to partially offset various additional costs incurred by them. he said India's export support regime does not violate any of the WTO rules.
On the proposed Regional Comprehensive Economic Partnership (RCEP), Prabhu said India is actively engaged in negotiations and also holding bilateral talks with member countries including China, Australia and New Zealand.
“What we are saying in RCEP is that it is a comprehensive economic partnership pact and in this services should be an integral part of the agreement,” he added.