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8
June 2018
 |
Growth
(The Total Investment & Insurance Solutions)
India's GDP growth is likely to cross 8 per
cent in the next two years and the government is taking a number of steps
including formulation of a new industrial policy to double the economy's size
to USD 5 trillion in 7-8 years, Commerce Minister Suresh Prabhu said today. The Total Investment & Insurance
Solutions
"We
are working on few strategies to boost economic growth. We are now seeing an
upsurge," he told reporters here while talking about the achievements of
the government during the last four years. The Total Investment & Insurance Solutions
Prabhu
exuded confidence that the growth in 2018-19 will be better than the preceding
fiscal. The Total Investment &
Insurance Solutions
"I
should not be surprised that in the next few quarters, say next 2 years for
sure, we will be very close to or cross 8 per cent growth and that is coming
out of strong performance of so many sectors," he said.
India's
GDP grew at the fastest pace in seven quarters at 7.7 per cent in the
January-March quarter of last fiscal, retaining the fastest growing major
economy tag on robust performance by manufacturing and service sectors as well
as good farm output. The Total
Investment & Insurance Solutions
On
yearly basis, however, it grew at a four-year low of 6.7 per cent in 2017-18,
down from 7.1 per cent in the previous fiscal.
Prabhu
said that to facilitate the 8 per cent potential growth, the government is
working on several areas including formulation of a new industrial policy,
"which is going to make India ready for the fourth industrial revolution
and beyond".
"We
have created a vision for USD 5 trillion economy in which USD one trillion will
come from manufacturing, USD 3 trillion from services and USD one trillion
agriculture and allied sector," he added.
When
asked about the impact of the RBI's decision this week to raise the benchmark
lending rate by 0.25 per cent, the minister said: "I do not think it
should hamper investments". The
Total Investment & Insurance Solutions
On
his US visit next week, Prabhu said that he would meet his counterpart and
industry leaders and raise India's concerns about tightening visa regime in the
US and its impact on Indian IT sector. The
Total Investment & Insurance Solutions
"We
will be raising the visa issue because we feel that Indians and their spouses
are facing some issues there," he said, adding, "we will explaining
our position. It is not a formal trade talk..there is no huge
expectations".
On
the US challenging India's export support programmes, Prabhu said he would
explain that those measures are not subsidies and instead ways to partially
offset various additional costs incurred by them.
"Our
export support regime is not violating any of the WTO rules," he said.
"We
are also working to make sure that there is a proper clarity on this. But what
we are doing today is not violating any WTO rule," he added.
On
the proposed mega trade deal - Regional Comprehensive Economic Partnership
(RCEP), Prabhu said India is actively engaged in the negotiations and also
holding bilateral talks with member countries including China, Australia and
New Zealand.
"What
we are saying in RCEP is that it is a comprehensive economic partnership pact
and in this services should be an integral part of the agreement," he
added. PTI RR CS SA SA.The Total
Investment & Insurance Solutions
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