India’s GDP could reach $5 trillions, says Union Minister Suresh Prabhu

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India’s GDP could reach $5 trillion provided there is consistent growth in manufacturing, services and agricultural sectors, Commerce and Industry Minister Suresh Prabhu said today. The minister underlined key role of the private sector to create new business models and strategies and leverage new technologies in order to fuel growth in the Indian economy. The government will act as the facilitator in this process, Prabhu said at a meeting of a working group on making India a $5 trillion economy in seven years. The meeting was attended by heads of CII, FICCI, IFC, NASSCOM, NitiAayog and senior officials from the Departments of Commerce and DIPP. The participants underlined the need to factor in technological disruptions, challenges due to climate change, positive use of India’s demographic dividend, conscious effort to make manufacturing sector a part of global value chain.

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