The government’s wide-ranging economic reforms including vision of Digital India are expected to make the country a $5 trillion economy in the future. Commerce and Industries Minister Suresh Prabhu has expressed optimism that Indian economy is likely to grow to $5 trillion over the next eight to nine years, backed by government’s focus on bridging digital divide which is also helping people scale up their income.
Commerce Minister further elaborated that $1 trillion of the turnover of $5 trillion will come from the manufacturing sector and in view of this, the department is working on the plans to promote manufacturing in all sectors. He also said that if manufacturing gets digitized, it will create huge opportunity for technology firms. He also highlighting contribution of services sector in the country’s overall income and said 60% of the $5-trillion will come from services which includes various services not being even thought of at present, like home care services.
Besides these two sectors, Commerce Minister also mentioned another important sector farming, as a major revenue contributor and expressed need of transformation to this sector. On International trade front, Prabhu said that they are also working on a strategy for international trade which will contribute $2 trillion to the economy where contribution can come from both manufacturing and services and further noted that it will be driving factor for the GDP growth.