Commerce Minister Suresh Prabhu has said that the country’s GDP growth may surpass 8% in the next two years and in 7-8 years the economy’s size will double to $5 trillion. The Minister said that in current financial year the growth will be better than the preceding fiscal. He also said that “We are working on few strategies to boost economic growth. We are now seeing an upsurge.”
Suresh Prabhu said that in order to achieve 8% potential growth, the government is working on several areas including formulation of a new industrial policy, which is going to make India ready for the fourth industrial revolution and beyond. The commerce minister further stated that the government created a vision for $5 trillion economy in which $1 trillion will come from manufacturing, $3 trillion from services and $1 trillion agriculture and allied sector.
India’s GDP grew at the fastest pace in seven quarters at 7.7 % in the Q4 of last FY18, retaining the fastest growing major economy tag on robust performance by manufacturing and service sectors as well as good farm output. However, on yearly basis, it grew at a four-year low of 6.7% inFY18, down from 7.1% in the previous fiscal.