India to be US$ 5 trillion economy in 8-9 years

Commerce and Industries Minister Suresh Prabhu said India is expected to become a USD 5 trillion economy in the next 8-9 years with the manufacturing sector contributing 20 per cent to that. "India is going to be USD 5 trillion economy in 8-9 years. USD 1 trillion will come from manufacturing. Therefore we are preparing a detailed plan what will be going in that manufacturing," Prabhu said at an event organised by internet firms body IAMAI.

He said that experts who are involved into manufacturing are preparing the roadmap and including all sectors where manufacturing can be promoted.

The Minister said if manufacturing alone is digitised it will create huge opportunity for technology firms. "60 per cent of the USD 5 trillion will come from services. This includes various services which are not being even thought of at present." he said.  He said that another revenue contribution to the economy will be farming sector where lot of transformation can be done.  (PTI: January 18, 2018)