NEW DELHI: ASEAN-India trade is likely to touch USD 100 billion by 2020, Union Urban Development and Housing Minister Hardeep Singh Puri said today, calling for greater cooperation between the two sides in economic sector.
Speaking at the valedictory address at the 'Delhi Dialogue' in the presence of delegation heads of ASEAN countries, Puri asserted said the economic partnership between India and ASEAN is deepening by the day and is in a "dynamic phase."
"Today, the ASEAN-India region together represents a combined population of 1.85 billion, a quarter of the global population, a GDP of over USD 3.8 trillion, creating one of the largest economic spaces in the world. This joint economic space provides avenues for expansion and cooperation across a myriad of commonalities in security, economic and socio-cultural areas across the geographical expanse of the Indo-Pacific," he said.
Puri said the bilateral trade between ASEAN and India has crossed USD 80-billion mark, which not only shows growing confidence but also constitutes the highest volume of trade in goods that ASEAN and India have witnessed since the signing of the FTA in 2010.
If this double-digit trade growth continues, ASEAN-India trade is likely to touch USD 100 billion by 2020, the minister said.
"At the same time, we are also witnessing robust investment flows, which are growing," he added.
Puri pointed out that both India and ASEAN nations are experiencing rapid urbanization.
While it is estimated that by 2050, 800 million Indians, or 50 per cent of the population, will call urban centres their home, in ASEAN too, the demand for an urban living is expected to grow - by 2050, 525 million residents of the region will reside in cities, he said.
Speaking about his ministry's achievements, Puri said while the target for the Pradhan Mantri Awas Yojana, or Affordable Housing for All, was to build 11 million homes by 2022, the ministry had already sanctioned 5.1 million homes.
"With the demand ranging from anywhere between 300,000 to 500,000 homes per month, I am confident of achieving my targets well before the deadline," he said.