The commerce and industry ministry is working on several plans and strategies to boost exports, increase share of manufacturing in the economy and further promote ease of doing business in the country.
Speaking at the CII's National Council Meeting here, Union Minister Suresh Prabhu said these measures would help take India's economy to USD 5 trillion in the coming years.
He also said that the ministry has started a detailed consultation with the industry and other concerned stakeholders on the proposed new industrial policy, which is expected to be released soon.
Besides, Prabhu called for promoting ease of doing business at district level.
"We need a detailed plan to take economy to USD 5 trillion, which will happen in the course of 7-8 years. We must increase the share of manufacturing in the GDP," he said adding the ministry is working on identifying ways to reduce regulations to promote ease of doing business.
Further talking about trade, he said, in the coming years 40 per cent of GDP would come from global trade and the country would see exports of goods and services worth USD 1 trillion.
"We are also working on improving ease of trading. Can we do all process at digital platform?," he said, adding that the ministry is working on agri export policy and a national logistics plan to cut transactions cost.
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