MUMBAI: Commerce and Industry Minister Suresh Prabhu on Friday exuded confidence that India will become a $ 5 trillion economy in the next seven years.
Also, he said that India will be a bigger economy than China at some point of time. Currently India’s economy is estimated at $ 2.5 trillion and that of China at $ 11.85 trillion.
In the October-December quarter, India posted a GDP growth of 7.2 per cent to regain the tag of world’s fastest growing major economy.
“I am very sure, you take a medium term, India will grow at a much faster rate. We will be five trillion dollar economy in seven years time,” he said at an event here.
The minister said that his ministry has already prepared a paper on how India can become a larger economy.
He said the manufacturing sector would contribute $ 1 trillion, services sector $ 3 trillion and the rest would come from agricultural sector for the country to become a $ 5 trillion economy in the next seven years
