Indian economy to reach $5 trillion size by 2022: PM
(Sourced from PTI)
Prime Minister Narendra Modi said today the size of Indian economy will double to $5 trillion by 2022 with manufacturing and agriculture contributing $1 trillion each. Indian economy, Modi said, will grow at over 8% rate with massive employment generation being seen in IT and retail sectors. The government, he said, has the courage to take bold decisions. Here are more details.
Speaking at foundation laying ceremony of India International Convention and Expo Center in Delhi, Modi cited this week's announcement of merger of Dena Bank, Vijaya Bank and Bank of Baroda to create India's third-largest lender to say that the government won't shy away from taking tough decisions in national interest. He cited the rollout of GST among the bold measures taken by government.
The government's push for "Make in India" has led to 80% of mobile phones currently in use being manufactured within the country, helping save Rs. 3 lakh crore in foreign exchange, PM Modi said.