Contribution of Manufacturing Sector will rise to 20% of National GDP: Union Commerce Minister
Creating a new economic paradigm for New India: Shri Suresh Prabhu
New industries will drive tomorrow’s growth: Shri Suresh Prabhu
States will drive growth, districts will facilitate it, Union Government will provide umbrella cover: Shri Suresh Prabhu
Dedicated to creating a New India by 2022: MoS, Civil Aviation
Have undertaken deep structural reforms in every sphere of the economy: Shri Jayant Sinha
India needs to adopt a farm-to-frontier, not farm-to-factory model: Shri Jayant Sinha
Let us be the leaders in the drone ecosystem, so that we can go from auto-rickshaws to air-rickshaws: MoS, Civil Aviation
Two-Day India Economic Summit Inaugurated
The Union Minister for Commerce & Industry and Civil Aviation, Shri Suresh Prabhu has said that the contribution of manufacturing sector to the national GDP will rise to as high as 20% in the future. The Minister said that sector-wise work is on, to achieve this. Stating that new industries will drive future growth, the Minister said that the Government is working with industry on identifying what these new sectors are going to be. Speaking of India’s collaboration with Japan, Shri Prabhu said that we need to focus on industries which are not even born today.
New industries will drive tomorrow’s growth, we need to focus on industries that are not even born: Commerce Minister @sureshpprabhu at India Economic Summit #IEC2018 pic.twitter.com/bue3csVuxe— PIB in Maharashtra (@PIBMumbai) April 27, 2018
He stated that the service sector will continue to be a strong growth driver of the national economy. He asserted that Government is working on increasing the productivity of the agriculture sector as well. The Minister was speaking at the inaugural session of the two-day India Economic Summit 2018, being organized by Bombay Stock Exchange, in Mumbai today.
Stating that the emergence and flowering of the vision of New India will require us to focus on the qualitative aspects, Shri Prabhu said that the next wave of growth will happen due to a surge in Indian entrepreneurship. The Minister said that we need to work on improving the tax-GDP ratio. Noting that the investment potential in India is huge and that foreign investors are very eager to invest in the country, the Commerce Minister said that the Government will soon announce cargo policy.
Addressed the gathering at India Economic Summit 2018 in Mumbai. Under the leadership of Hon. PM @narendramodi ji we are creating a new economic paradigm for #NewIndia @indfoundation @BSEIndia #IEC2018 pic.twitter.com/1XKBpQcXeI— Suresh Prabhu (@sureshpprabhu) April 27, 2018
Shri Prabhu noted that while we have trade deficit with China, we have signed agreements with China which will help in reducing the same. He said that states will drive growth in future, districts will facilitate it and the Central Government will give an umbrella cover for this growth.
The Union Minister of State for Civil Aviation, Shri Jayant Sinha said that the Government under the leadership of Prime Minister Shri Narendra Modi is committed to creating a New India by 2022. He proposed his view that contrary to the conventional wisdom, the farm-to-factory model will not work for India. He said that given the serious natural resource challenges India faces, we need to focus instead on farm-to-frontier model of development for national growth, meaning that we need to focus on the most cutting-edge and frontier industries such as automobiles and telecom. He said that if we compete and win in such industries, we will be able to leapfrog to productivity frontiers that will take us forward in a significant way. The Minister said that India has already started to do this, citing the examples of two-wheelers and the mobile revolution. Highlighting the importance of leapfrogging and of being at the frontier, Shri Sinha said that we need to be the leaders in the drone ecosystem, so that we can go from auto-rickshaws to air-rickshaws.
Expressing the Government’s commitment towards building a New India, Shri Sinha said that the Government has undertaken various structural reforms like GST, Monetary Policy Committee, bankruptcy code, Direct Benefits Transfer programme, banking sector reforms and has lifted the economy in the last four years. He said that India needs to graduate to a middle-income country, for which there is a need to achieve a three-fold increase in per-capita GDP – from $1,800 to $5,400. He said that this is possible only by having a long-term GDP growth rate of 7% over the next 20 years. He added that this is entirely within our capability, given our track record during the time since liberalization.
