$-5 trillion economy only a matter of time, says Prabhu
New Delhi:Commerce and Industry Minister Suresh Prabhu said on Monday the government is moving in the direction of making India a $5-trillion economy.
Adding that the milestone is only a matter of time, Prabhu said the government will work closely with the industry in realising the collective dream of making India a much better place to do business in.
Speaking at the CII annual session, he said India must produce and scale up the production to increase its share in the global economy. “The services sector will create jobs. To this end, government has allocated Rs 5,000 crore towards 12 champion services sectors”, he said.
Prabhu said trade can only happen once products are manufactured. India must produce and increase the scale of the production to increase its share in the global economy, he said. He believes that in India, services will be exported more than merchandise goods.
However, for India to be a $5-trillion economy, manufacturing must also increase. He asked the industry to share with the ministry what regulatory issues were affecting them. He also said inputs were being solicited from startups as existing laws were not made with startups in mind.
He said the Commerce Ministry was working on bettering ‘Ease of Doing Business’ at the district level.