India to double its economy by 2022

Prime Minister Narendra Modi today said that India was targeting to double its economy to $5 trillion by 2022 on the back of strong macroeconomic fundamentals. Speaking at the foundation laying ceremony of India International Convention and Expo Centre (IICC), he said that the manufacturing and agriculture sector would contribute $1 trillion each to the economy.

He recalled that India is world’s sixth largest economy at $2.6 trillion, according to the database of the International Monetary Fund’s World Economic Outlook (WEO) for April 2018. At a time when the country is reeling under a sharp depreciation in the rupee and a spike in the price of crude oil, Modi is confident that the economy would grow at over 8 per cent and the IT and retail sectors would generate maximum employment.

On the recent announcement to merge Dena Bank, Vijaya Bank and Bank of Baroda to create the country’s third-largest lender, Modi said the government would not shy away from taking tough decisions in the national interest. The government’s push for Make-in-India has led to 80 per cent of mobile phones currently in use being manufactured within the country, helping save Rs 3 lakh crore in foreign exchange.

The Prime Minister said that the IICC will reflect India’s economic progress, rich cultural heritage and its consciousness towards protection of the environment. He said it is a part of the Government’s vision to give importance to world class infrastructure, and ease of doing business.

He stated that smaller countries have world class conference facilities due to which they have become conference tourist hubs. Prime Minister, Narendra Modi, said that with the construction of IICC, India is moving in the director of developing eco-system of conference tourism in the country.

Narendra Modi, said that the country has witnessed all round development during the last 4 years as the government kept the national interest as the top priority. He said a country develops only when decisions are taken at the right time and they are implemented without any delay. He also said that the NDA Government took tough decisions during last 50 months in the national interest and this trend will continue. The Government is moving ahead with a target to make India a 5 trillion  Dollar economy in next 7 years.

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