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Vision of a US$5 trillion economy

Report circulated to the stakeholders

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Report circulated to the stakeholders

 

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Further suggestions are being sought on a roadmap report for achieving US$5 trillion economy by 2025.

Prepared by the Working Group which has held extensive and broad-based consultations with stakeholders to better understand the aspirations and the potential.

The group was constituted by the Department of Industrial Policy and Promotion in the Ministry of Commerce and Industry with participation from government and industry.

The sectoral sub-groups were also formed to take the task forward, according to a press release from the Public Information Bureau on 11 Oct 2018.

India is one of the fastest growing major economies and is currently ranked as the world’s sixth largest economy.

Projections of growth, over the medium term, remain encouraging and optimistic for India.

The underlying strengths are indicative of the potential of India to achieve a US$5 trillion economy by 2025.

“The current structure of the economy and the emerging dynamics provide us grounds to target achieving US$1 trillion from agriculture and allied activities, US$1 trillion from manufacturing and US$3 trillion from services,” it said.

The Government has several ongoing initiatives across sectors focused on growth.

In agriculture, the Government is aiming to reorient policy focus from being production-centric to becoming income-centric. The emphasis on incomes provides a broader scope towards achieving the needed expansion of the sector.

The proposed Industrial Policy 2018 provides an overarching, sector-agnostic agenda for the enterprises of the future and envisions creating a globally competitive Indian industry that is modern, sustainable and inclusive.

The Champion Services sector initiative is also under way to accelerate the expansion of select service sectors.

The Working Group has accounted for these initiatives and encourages a fresh impetus to achieve the target of a US$5 trillion economy. fiinews.com

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