Indian economy can double in three years: Suresh Prabhu

The Indian economy can double in three years and has the potential of becoming a $20-trillion economy, Railways Minister Suresh Prabhu said on Friday.

Prabhu also stressed the need for clarity in thought and a comprehensive plan to make a $20-trillion Indian economy.

"Inflation is down, the economy is looking up, and foreign direct investments have been increasing. There is a tremendous respect among investors for the efforts of Prime Minister Narendra Modi and are eager to invest in India," he said while addressing the 40th regional conference of the Institute of Chartered Accountants of India here.

"In this context, we can double the economy in the next three or three-and-a-half years," said Prabhu.

Prabhu asserted that only economic growth was not the agenda; rather the removal of poverty and corruption was also essential.

"Growth along with poverty is meaningless. Besides, growth needs to bring in efficiency and improvement in productivity. We hence need clarity in thought. We cannot be ambiguous about our goals," said Prabhu, himself a chartered accountant.

"Therefore, concerted efforts should be made and a comprehensive strategy adopted to reach our goal, that is, achieving inclusive growth coupled with elimination of poverty and corruption," the minister said.