You are here: Home » Economy & Policy » News
Business Standard

India's economy to double in size to $5 trillion by 2022: PM Modi

Modi said the Indian economy will grow at over 8% rate with massive employment generation being seen in IT and retail sectors

India Economy  |  India Gdp  |  Agriculture

Press Trust of India  |  New Delhi 

Modi, Narendra Modi
PM Narendra Modi. Photo: ANI

Prime Minister said Thursday the size of Indian economy will double to $5 trillion by 2022 with and contributing $1 trillion each. 

Speaking at the foundation laying ceremony of India International Convention and Expo Centre here, he cited this week's announcement of the merger of Dena Bank, Vijaya Bank and Bank of Baroda to create the country's third-largest lender to say that the government will not shy away from taking tough decisions in the national interest.

Indian economy, he said, will grow at over 8 per cent rate with massive employment generation being seen in IT and retail sectors. Macroeconomic fundamental of the economy are strong, he said. 

The government's push for has led to 80 per cent of mobile phones currently in use being manufactured within the country, helping save Rs 3 trillion in foreign exchange. 

The government, he said, has the courage to take bold decisions. 

Besides banks' merger, he cited the rollout of the Goods and Services Tax (GST), which amalgamated 17 central and state taxes, among the bold measures taken by the government. 

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, September 20 2018. 16:55 IST