India will be a 5 trillion dollar economy within 7-8 years, and a 10 trillion dollar economy by 2035: Suresh Prabhu

The Union Minister for Commerce & Industry and Civil Aviation Shri Suresh Prabhu has said that India's exports in the year 2017-18 were the highest in last six years. He added that India's exports have been growing at a higher rate in the last few months. He said that if we continue this, India may be able to register record growth in exports in the year 2018-19. The Minister was speaking as Chief Guest at the presentation ceremony of 44th India Gem & Jewellery Awards 2017, organized by Gem and Jewellery Export Promotion Council (GJEPC), in Mumbai today.

Shri Prabhu said that this is the first time that world trade itself is facing fundamental challenges. He said that the entire edifice of WTO has been challenged, and that the future of the institution is in crisis. He stated that this raises the need for us to chart a path forward, based upon international trade as a key driver.

The Minister said that services export is growing faster than merchandise and that services export will be the key growth engine. He said that the Government has already decided to invest Rs. 5,000 crore in 12 champion services sectors to promote services. A comprehensive strategy based on market research has been formulated for export promotion, the Minister said.

Stating that the jewellery industry has immense potential, Shri Prabhu exhorted the industry to attain a 'New India' export target of 75 billion dollars by the year 2022, when the country turns 75 years post independence. The Minister said that GJEPC and the Government of India are working together to formulate a strategy for the same, which he said will be unveiled soon. He said that a Coordination Committee will be set up consisting of senior officials of Ministry and the gem and jewellery industry, who will meet monthly, to ensure that industry concerns are addressed on priority.

The Minister said that with joint efforts of Government, industry and other stakeholders, India will definitely be able to become a 5 trillion dollar economy within 7-8 years. He further said that India will become a 10 trillion dollar economy by 2035.

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