India to become $5 tn economy in next 8-9 years: Suresh Prabhu


New Delhi, Jan 17 (IANS): India is expected to become a $5 trillion economy in the next eight-nine years with the manufacturing sector alone contributing 20 per cent towards that, Union Commerce Minister Suresh Prabhu said on Wednesday.

"We are preparing a detailed plan towards achieving that. Experts are busy preparing the roadmap including all the sectors where manufacturing can be promoted. If manufacturing is digitised, it will create a huge opportunity for technology firms," Prabhu said.

Speaking on the first day of the India Digital Summit organised by the Internet and Mobile Association of India (IAMAI) here, the minister said innnovation cannot be confined to geographical borders.

"In order to reach the $5 trillion economy, manufacturing will contrinute $1 trillion and services will contribute $3 trillion," the minister told the gathering.

Prabhu said he was currently working on a strategy for international trade which will contribute $2 trillion to the economy, where the contribution can come both from manufacturing and services sectors.

Earlier in the day, Niti Aayog Chief Executive Amitabh Kant said that every Indian will have a smartphone in the next five years.

There were nearly 400 million smartphone users in the country, he said, adding this was a period of huge technology disruption in the country.

"Today, 85 per cent of the devices are still unconnected. Therefore, there is a huge opportunity in the Internet of Things (IoT) space. The opportunity would be in the range of $70 billion by 2025," Kant told the gathering.

According to him, Artificial Intelligence (AI) alone will generate opportunity to the tune of $32 billion.

"Advanced robotics are already handling 25 per cent of the jobs. This will rise to 45 per cent in the coming years.

"India is already ranked globally as the most active Internet user globally on a monthly basis. Digital transaction will touch $100 trillion in the next 10 years," he told the gathering.

With 99 per cent Aadhaar penetration and bank account opened under Jan Dhan Yojana, he said, the scope was immense for the Fin-Tech industry.

"As far as the start-up community goes, 'Make in India' initiative had brought in a paradigm change in the financial ecosystem. While we have 4,000 start-ups, it will go up to 12,000 by 2020," Kant said, adding that about 600 start-ups were there in the FinTech sector which will become a $14 billion opportunity by 2020.

The challenges today for the country were to provide safe drinking water, create infrastructure and build flyovers. All these give unicorns a unique opportunity to invest and explore, Kant said.

Telecom Secretary Aruna Sundararajan said that for IoT to happen, we need to have a robust 4G ecosystem in the country.

"I am hopeful that by the end of this year, we will have a pan-India 4G network availability," Sundararajan told the audience.

She mentioned that the government has constituted a task force for rolling out the 5G network in the country.

The taskforce will come out with a roadmap soon, she said, adding that the Department of Telecommunications is keen on partnering with key telecom providers in the roll-out stage.

Delivering the inaugural address, Rajan Anandan, Chairman, IAMAI, and Vice President, Google India and South-East Asia, said these are exciting times for the Internet adoption in the country.

"Availability of very low-cost yet high-speed mobile Internet connection in 2017 has moved a slow-speed nation to a high-speed nation," Anandan noted.

  

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Comment on this article

  • Anees, Dubai

    Wed, Jan 17 2018

    What about present economy Mr Parbugale...?????

    DisAgree Agree [3] Reply Report Abuse

  • Manohar, Mangalore

    Wed, Jan 17 2018

    Possible only if BJP is thrown out of power in the center.

    DisAgree [5] Agree [10] Reply Report Abuse

  • David Pais, Mangalore

    Wed, Jan 17 2018

    trains derail. economy finished. chai ₹ 29 per 1

    DisAgree [4] Agree [13] Reply Report Abuse

  • Max and Jessie Rasquinha, Mangalore, Houston/Dallas, texas

    Wed, Jan 17 2018

    India's growing economic can never dwindle under the present rate of progress our country is moving forward with increased population with ever growing Education. When millions of young men and women come out of their Universities year after year, the economy will automatically render its share of employment added with increased technological, social and industrial progress everywhere. The Federal as well as State Budgets will continue to broaden with more scope for new business trend to emerge. There will be more taxes in the Treasury, and obviously there will be more Government as well as public spending all over with more roads, more industry and more jobs for the new generation.

    It is obvious that the Government authorities will also realize the necessity of controlling all the public funds in an orderly manner, and the public funds will be utilized for all the good causes so that the public will benefit from it with more jobs and more economic opportunities.

    With five trillion dollars of economy, the standard of life in India will continue to grow and prosper with more doorways for new openings in every sector of the economy, and more opportunities for the new generation to embrace the new technologies that will automatically come into reality.

    India has to follow the footsteps of all the progressive nations of the world, and will be obliged to adhere to the global standards and practices. India has always been a civilized and progressive nation, and India has no reason to look back but will always look ahead for better days that will benefit the people. God bless

    DisAgree [7] Agree [7] Reply Report Abuse

  • ad, mangaluru

    Thu, Jan 18 2018

    OMG ,India is still considered a third world nation still. Starvation, unemployment, lack of sanitation and running water for all citizens, and corruption and bribery at ever nook and corner of India, land grabbing of others and so the list goes.

    The citizens of India can not travel without visas mostly around the world.
    Why? the trillion dollar economy?

    DisAgree [1] Agree [4] Reply Report Abuse

  • Alfria, Mumbai/Mangalore

    Wed, Jan 17 2018

    Boss see sikha fekne ka, tongue has no bones so it twists and turns any how, now trillion has absolutely no value at all, farmers are committing sucide, youths are having no jobs and our great man is talking in trillions. Bhakts will be happy , All the best.

    DisAgree [5] Agree [15] Reply Report Abuse

  • Dinesh poojary, Mangalore

    Wed, Jan 17 2018

    I think that much money is enough to buy America.

    Jai ho modiji

    Jai ho abbas Naqvi

    DisAgree [17] Agree [2] Reply Report Abuse

  • SMR, Karkala

    Wed, Jan 17 2018

    Indian banks’ sour loans hit a record 9.5 trillion rupees ($145.56 billion) at the end of June, unpublished data shows, suggesting Asia’s third-largest economy is no nearer to bringing its bad debt problems under control.
    India grew at its slowest pace in three years in April-June – a concern for the government of PM Modi, who faces elections in 2019 and has pledged to create millions of new jobs before then.
    Fitch Ratings estimates Indian banks will need $65 billion of additional capital by March 2019 to meet Basel III global banking rules. Moody’s expects the top 11 state lenders alone will need nearly $15 billion. The government has just $3 billion left in its budget for bank recapitalisation.
    The government announced yet another rescue plan of Rs 2.11 lakh crore. It comprises recapitalisation bonds, accounting for Rs 1.35 lakh crore; Rs 580 billion from share sales by banks; and Rs 180 billion from budgeted recapitalisation fund.
    Gujarat Model's burgeoning debt continues to plague Gujarat’s state finances. Hitting Rs 2.22 lakh crore at the end of March 2016, the debt has risen due to the rising costs of Gujarat’s infrastructure projects and ill-advised investments in state-owned companies and statutory corporations.
    During the same period, Karnataka and Andhra Pradesh both had a liabilities-to-GSDP ratio of 23%, lower than that of Gujarat.
    Without reforms, bank recapitalisation will amount to throwing Good Money After Bad.It seems as though the Centre does not know how to tackle the economic slowdown and lack of jobs in the country. Modi government’s policy paralysis won’t fix the economy.
    Compare this with the sharp criticism of the economic policies during the Vajpayee and Singh governments. Where have all the acerbic analysts and reform warriors of yesteryears gone? Have they lost their voice? Or do they feel they don’t have anything more to suggest other than labour act changes and retail in FDI?
    Prabhuji magic figure is not going to rescue India.
    Jai Hin

    DisAgree [3] Agree [9] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Wed, Jan 17 2018

    How many Zeros Sir ...

    DisAgree [5] Agree [24] Reply Report Abuse

  • ravi, Mangalore

    Wed, Jan 17 2018

    asiye Spana dika ke loot liya

    DisAgree [3] Agree [25] Reply Report Abuse

  • o, Surathkal

    Wed, Jan 17 2018

    Only commentary, result is zero.

    DisAgree [4] Agree [21] Reply Report Abuse

  • dominic-dsouza-Rudy, mudarangady mauritius

    Wed, Jan 17 2018

    new india

    DisAgree Agree [19] Reply Report Abuse


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Title: India to become $5 tn economy in next 8-9 years: Suresh Prabhu



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