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New Delhi : Union Minister for Commerce & Industry and Civil Aviation Suresh Prabhu on September 6, 2018, said in Mumbai that India will become a 5 trillion dollar economy in seven years, and certainly a 10 trillion dollar economy by 2035, and that the Government has prepared a multi-sectoral strategy for the same. He was speaking at the India Ideas Summit, organized by the US-India Business Council, in Mumbai.

Prabhu said that today’s India is a growing India and that phenomenal changes have been brought about in both social and economic sector reforms at the same time under the leadership of PM Narendra Modi. Noting the 8.3% growth in GDP in the last quarter, the Minister said that this is going to be consolidated, going forward.

Prabhu said that India shares an excellent and forward-looking relationship with the USA and that we will continue the constant dialogue with the US to promote greater partnership between the two nations in all avenues for mutual growth. The Minister proposed that India can set up a Special Economic Zone for US industry which will help make US-India parternship greater again, according to a PIB release.

Speaking about the World Trade Organization, Prabhu said that WTO needs reform, and that India can play the role of a facilitator in bringing about this reform given its good relations with the world’s countries. He said that India, the US and other countries need to work together in creating a new dynamic agenda for the multi-lateral institution.

The Minister said that various reforms have been made to improve ease of doing business. He said that a new Industrial Policy will be announced soon, with the dual focus on modernising existing businesses and on getting new and futuristic businesses into the economy. Prabhu said that twelve champion service sectors have been identified for promoting them in a systematic manner.

Speaking about the growth in agriculture and horticulture, the Minister said that the Government aims to double the income of farmers by 2022. He said that India has recorded the highest export growth in 2017-18, which is the highest in last six years.

He expressed hope that Make In India initiative will become an even bigger success in the days to come. “Startups are the best laboratory for change and innovation. We already have close to 20,000 start-ups registered with DIPP and we are promoting this in a major way across the country,” he added. Prabhu said that transactions worth more than 100 billion dollars are targeted on GeM, the National Procurement Portal, in the next ten years.

The Minister said that a holistic strategy is being developed to tap into the potential of the Indian logistics sector to forge better linkages between Indian manufacturing sector and the global supply chain. “ We are seeing a huge growth in the aviation sector, India is the fastest-growing aviation market in the world,” he said outlining the plan to promote the aviation sector.

 

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