Suresh Prabhu sees economy touching $5 trillion in a few years
Bank of America Merrill Lynch projected that India would overtake Japan to become the third largest economy in the world by 2028
Commerce and Industry Minister Suresh Prabhu on Thursday exuded confidence that exports will gather momentum going forward as the economy is on course to double to USD 5 trillion and become the third largest in the world, over the next few years.
"Our economy shall grow from USD 2.5 trillion now to USD 5 trillion and it will become the third largest over the next few years. With such an economic growth, our international trade will also grow," Prabhu told World Trade Expo 2017 here in a video message.
Earlier this week, the American brokerage a Bank of America Merrill Lynch had projected that India would overtake Japan to become the third largest economy in the world by 2028 as it expects the nominal GDP to clip at 10 per cent over the next one decade.
The report noted that at USD 2.26 billion the country has already overtaken Brazil and Russia to emerge as the second largest BRIC economy after China and is well on track to cross France and Britain to emerge as the world's fifth largest after Germany by 2019.
Last year the economy closed at USD 2.26 trillion. But the report did not quantify the size of the economy by 2028 when it would be the third largest after China and the US. At around USD 5 trillion, Japan is the third largest economy now.
Meanwhile,Finance Minister Arun Jaitley said today.in Singapore that India's economic slowdown has bottomed out and now it should start moving upwards after recovering from the "temporary blip" seen during the recent structural changes, Addressing investors at the Morgan Stanley annual conference here on 'India: Structural Reforms and Growth Path Ahead', Jaitley talked about the "massive" economic reforms undertaken by India.
As part of the summit, Jaitley met the senior management of Morgan Stanley and addressed a gathering of senior fund managers and key financial institutional investors.
Addressing investors at the Morgan Stanley annual conference here on 'India: Structural Reforms and Growth Path Ahead', Jaitley talked about the "massive" economic reforms undertaken by India.
He acknowledged that there was a "temporary blip" as a result of structural changes that were initiated by the government."I think the bottoming out of the economy is complete and now it should start moving upwards. The global economy is also moving up," said Jaitly.
"How do I see the economy moving? our basic parametres are quite stable. And we grew between 7-8 per cent over the last three years, he said.
"Therefore, we need over the next, at least, a decade, if not more, significantly higher growth rates in order to go ahead with expansion plan of the Indian economy, Jaitley said.