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India to become $ 5 trillion economy in 7 years: Suresh Prabhu

Commerce Minister Suresh Prabhu remarked with exuberance that India will become a $ 5 trillion economy in the next 7 years. He added that India may even surpass China at some point in time. Currently, India’s economy is estimated at USD 2.5 trillion vis-a-vis China’s USD 11.9 trillion. India posted a GDP growth of 7.2 per cent in Oct-Dec quarter and regained the tag of world’s fastest growing economy. A paper has been prepared by the ministry on how India can achieve this target. As per the paper, manufacturing sector’s contribution is stipulated at $ 1 trillion, services sector $ 3 trillion and the rest is for the agricultural sector to contribute for the country to reach the $ 5 trillion mark.