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India to be a $5tn economy in next 7-8 years: Prabhu

India to be a $5tn economy in next 7-8 years: Prabhu

New Delhi, June 8 (UNI) Commerce and Industry Minister Suresh Prabhu on Friday reiterated that India’s economy is poised to grow up to 5 trillion dollars in the next 7-8 years and up to 10 trillion dollars in the next 15 years.
Briefing media about the initiatives and achievement of his ministry in the last four years, Mr Prabhu said , the government has created a vision for $ 5 trillion economy in which $ one trillion will come from manufacturing, $ 3 trillion from services and $ one trillion from agriculture and allied sector.
He said the upcoming new Industrial Policy of the government will make India ready for the 4th Industrial Revolution. He said intensive consultations over the new Industrial Policy were going on with the stakeholders and it will be announced soon.
“The upcoming new Industrial Policy of the government will make India ready for the 4th Industrial Revolution,” he said.
He said the country’s GDP growth was expected to cross 8 per cent mark in next two years and a number of initiatives were being worked out including the new Industrial policy to achieve it.
The Minister said, the government has instilled business confidence among people and domestic investment has picked up while industrial production is also going up. 
Mr Prabhu said, government is working on a strategy to increase the exports and promote agricultural growth in the country. He said there is a clear upsurge in investments and trade should become an engine for India’s economic growth story. 
"We are working on few strategies to boost economic growth. We are now seeing an upsurge," he said. 
To a query whether the new RBI decision to hike the benchmark lending rate by 0.25 per cent will have any impact, Mr Prabhu said, "I do not think it should hamper investments". 
He said a new logistics division was being created under his Ministry for the first time in India and it will play a key role in driving this growth.