Prabhu chairs Meet to discuss ways to raise GDP to USD 5 trillion
Published: Mar 16, 2018
NEW DELHI, MAR 16, 2018: THE Union Minister for Commerce & Industry, Mr Suresh Prabhu, yesterday helmed a working group, tasked with raising the Gross Domestic Product (GDP) of the Indian economy to about USD 5 trillion one, in seven years time. The conference was attended by the heads of the CII, FICCI, IFC, NASSCOM, Niti Aayog and senior officials from the Department of Commerce and the Department of Industrial Policy.
Mr Prabhu stated that the India's GDP could reach USD 5 trillion, provided that there was consistent growth in manufacturing, services and agricultural sectors. The Minister also underlined the key role of the private sector in creating new business models and strategies and leverage new technologies, in order to fuel growth in the Indian economy. He further stated that the Government would act as the facilitator in this process.
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 the Indian manufacturing sector a part of global value chain and recognizing the importance of small and medium scale enterprises to fuel India's growth story. Notably, the Government focused on twelve Champion Sectors to push growth in manufacturing and generate job opportunities in India. These sectors are stated to have the potential to become global champions and drive double digit growth in manufacturing.