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India Likely To Turn A $5 Trillion Economy In Next Five Years

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Atul Chaturvedi, Additional Secretary, (DPIIT), said today that the debate around embracing and the job losses that it could entail had settled in favour of new and more jobs that the new industry paradigm would create. This had emboldened the government to give a fillip to adopt and assimilate the best standards from the expertise available from within and outside the country and march ahead to impart competitiveness to and services.

Speaking at the symposium on 'Growth with Standardisation', organised by FICCI, jointly with the National Council (NPC) and Asian Organization (APO), Mr. Chaturvedi said that is going to be $5 trillion in the next five years and the aim is to achieve it faster by increasing competitiveness of industry and adopting new technologies like The time now was to skill and re-skill the workforce to grasp and align their expertise with the requirements of Industry 4.0.

He said had emerged as the most preferred destination for R&D activities of top companies of and the U.

S. and much of the rest of the developed world because of the environment that protects IP and facilitates innovation and R&D. The government, on its part, was doing its utmost to ensure that expertise from within and outside the country flows in to give a fillip. The government is partnering with other countries like with its companies to tap their technologies for the benefit of India's MSME sector, he added.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, March 14 2019. 12:38 IST