Modi expects economy to be $5 trillion by 2022

NEW DELHI: Prime Minister Narendra Modi said on Thursday that India was targeting to double its economy to $5 trillion by 2022 on the back of strong macroeconomic fundamentals. Speaking at the foundation laying ceremony of India International Convention and Expo Centre (IICC), Modi said the manufacturing and agriculture sector would contribute $1 trillion each to the economy.

“India is targeting to be a $5 trillion economy by 2022, with $1 trillion each coming from manufacturing and agriculture,” Modi said. India is world’s sixth largest economy at $2.6 trillion, according to the database of the International Monetary Fund’s World Economic Outlook (WEO) for April 2018.

At a time when the country is reeling under a sharp depreciation in the rupee and a spike in the price of crude oil, Modi said the economy would grow at over 8 per cent and the IT and retail sectors would generate maximum employment. “The Indian economy will grow at over 8 per cent rate with massive employment generation being seen in IT and retail sectors. Macroeconomic fundamental of the economy are strong,” the PM said.

On the recent announcement to merge Dena Bank, Vijaya Bank and Bank of Baroda to create the country’s third-largest lender, Modi said the government would not shy away from taking tough decisions in the national interest. The government’s push for Make-in-India has led to 80 per cent of mobile phones currently in use being manufactured within the country, helping save Rs 3 lakh crore in foreign exchange.

Earlier in the day, the PM took a ride in the Airport Express Metro from Dhaula Kuan to Dwarka on way to the event venue, taking the passengers by surprise. Modi interacted with a few passengers and also obliged some of them for a selfie.