India will become a 10 trillion dollar economy before 2035: Union Minister Suresh Prabhu

New Delhi: The Union Minister for Commerce & Industry and Civil Aviation Suresh Prabhu has 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 Honourable Prime Minister Shri 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. He said 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. The Minister was speaking at the India Ideas Summit, organized by the US-India Business Council.

He 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. Speaking about the World Trade Organization, the union minister 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 multilateral institution.

The Minister said that various reforms have been taken to improve ease of doing business.

He said that a new Industrial Policy will be announced soon, with the dual focus on modernizing existing businesses and on getting new and futuristic businesses into the economy. Twelve champion service sectors have been identified, for promoting them in a systematic manner, he added. Speaking about the growth in agriculture and horticulture, the Minister said that the Government aims to double the income of farmers by 2022. Speaking of exports, he said that India has recorded the highest export growth in 2017-18, which is the highest in last six years.

Minister 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. 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.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.