STOCK MARKET BSE NSE

Centre, states working to take GDP to USD 5 trillion by 2022: Modi

Modi said the government is making all efforts to increase the share of exports to 40 per cent of the country's GDP.

Published: 20th September 2018 07:17 PM  |   Last Updated: 20th September 2018 07:17 PM   |  A+A-

PM Narendra Modi addressing the gathering at the foundation stone laying ceremony of India International Convention and Expo Centre, Dwarka in NewDelhi. (Photo | Twitter / PIBIndia)

By IANS

NEW DELHI:  The size of the Indian economy will double to $5 trillion by 2022 with manufacturing and agriculture contributing $1 trillion each, and the various states are competing with each other to help achieve this goal, Prime Minister Narendra Modi said on Thursday.

In his address at the foundation laying ceremony of the India International Convention and Expo Centre here, Modi said that towards achieving this target, the government is making all efforts to increase the share of exports to 40 per cent of the country's GDP.

"The country's macroeconomic fundamentals are strong, and all efforts are being made by various agencies to increase the share of exports to 40 per cent of the GDP," he said.

"We plan to increase our GDP to $5 trillion by 2022 in which manufacturing and agriculture would contribute $1 trillion each.

"The states are also together in this endeavour and are competing with each other on the ease of doing business rankings," he said.

The high rate of India's GDP growth in recent years had resulted in a massive employment generation, particularly in the IT, retail and toursim sectors, he added

Referring to government's proposal made on Tuesday of the merger of Dena Bank, Vijaya Bank and Bank of Baroda to create the country's third largest banking entity, the Prime Minister said that his administration had brought in bank consolidation which was being debated over a long time.

"The need for having dozens of government-run banks was being debated for a long time but we have acted on it. This government will not shy away from taking tough decisions in the national interest," he said, citing the rollout of the Goods and Services Tax (GST) among such measures taken by the government.

Stay up to date on all the latest Nation news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments(1)

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

  • Kamal Pasha

    Talking big and giving big Bhashans but nothing is visible. BJP is making the country fool. Next elections will bring Congress back.
    1 year ago reply
flipboard facebook twitter whatsapp