With the manufacturing sector is all set to contributing about 20 per cent to the growth of the economy, the Commerce and Industries Minister Suresh Prabhu on Wednesday said India is expected to become a $5 trillion economy in the next 8-9 years.
The Minister is expected that about $1 trillion will come from manufacturing which will surely pamper India to be $5 trillion economy in 8-9 years. Therefore we are going to prepare a detailed plan what will be going in that manufacturing
While speaking at an event organised by internet firms body IAMAI, Prabhu 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. “About 60 per cent of the $5 trillion will come from services.
This includes various services which are not being even thought of at present. like home care services have tremendous scope,” he said. The Minister said that $3 trillion may be under statement as per the plan being worked out and there are empirical evidences to back it.
Prabhu said as commerce and industries minister, he is working on a strategy for international trade which will contribute $2 trillion to the economy where contribution can come from both manufacturing and services. International trade should become a driving factor for the growth of GDP, he said.