India can be USD 5 trillion economy in 7-8 years: Prabhu

Union Commerce and Civil Aviation Minister Suresh Prabhu Saturday said India has the potential to be a USD 5 trillion economy in the next 7-8 years.

Addressing a seminar on exports at Vibrant Gujarat Global Summit here, Prabhu said his department had prepared a road map to make this possible by focusing on manufacturing, service sector and agriculture.

"India has a potential to be a USD 5 trillion economy in 7 to 8 years, and definitely a USD 10 trillion economy before 2035," Prabhu said.

"Manufacturing should lead to export. This will bring quality and competitiveness. Our cumulative export stands at around half a trillion dollars. The challenge is to double it" he said.

"Today, we have great opportunity to increase exports. There are disruptions taking place in the world and India should take advantage of it," he added.

Prabhu said India can increase exports to Africa and Latin American countries.

To boost air connectivity in the country, Prabhu said 100 new airports will come up in the near future with a cumulative investment of USD 65 billion.

Two MoUs were Saturday signed between the Gujarat government and Airports Authority of India for establishing greenfield airports at Dholera and Ankleshwar.

The MOUs were inked in the presence of Prabhu and Gujarat chief minister Vijay Rupani.

As per one MoU, Dholera airport will be established at a cost of Rs 1500 crore.

The other MoU was for the development and operation of airport and MRO at Ankleshwar.