Expressing confidence on India’s economic growth, the Commerce and Industry Minister Suresh Prabhu has said that India will become a $5 trillion economy in the next seven years and after that in next 7-10 years time may be a $10 trillion economy. He also said that India will be a bigger economy than China at some point of time. Currently, India’s economy is estimated at $2.5 trillion and that of China at $11.85 trillion. Besides, India regained the tag of world's fastest growing major economy, registering Gross Domestic Product (GDP) growth of 7.2% in Q3 FY18.
Prabhu said “I am very sure, you take a medium term, India will grow at a much faster rate”. He added that his ministry has already prepared a paper on how India can become a larger economy. Elaborating further, he said that out of the total $5 trillion, the manufacturing sector would contribute $1 trillion, services sector $3 trillion and the rest would come from agricultural sector. He also highlighted about various steps being taken by the government to increase India’s exports.
However, expressing concerns over growing voices of protectionism, the Minister said that opening up of economies is necessary for global growth. He also said that they have seen after formation of The World Trade Organization (WTO) all the countries have benefited. He added that some countries benefited obviously more than others, like China is the biggest beneficiary of the WTO.