Commerce and Industry Minister Suresh Prabhu has warned that the decline in world trade and slowing global economy will have an impact worldwide.
Commerce and Industry Minister Suresh Prabhu has warned that the decline in world trade and slowing global economy will have an impact worldwide. Speaking at the 98th Annual Session of Assocham in Delhi today, Prabhu said that “India is the worst sufferer if the world trade does not grow” because “we have a huge stake, our share in global trade is increasing rapidly”.
“For past six-seven decades, there was a lot of predictability in doing business globally, but in the course of last few months, we are seeing a dramatic change in global trade,” he said.
He said that slowing global economy is a concern for India as it has potential to reach $ 5 trillion size before 2025 and $ 10 trillion before 2035.
India is Asia’s third-largest economy. According to the government, the size of Indian economy will double to $ 5 trillion by 2022 with manufacturing and agriculture contributing $ 1 trillion each and services sector contributing remaining $ 3 trillion.
Prabhu said that the country is at a stage where more growth will come from more production within India. He said that he has set up some top thinkers to navigate India out of “these new emerging trends and how we become winners despite these challenges”.
The Minister said that to ensure India continues to grow at a fast pace, the government has already taken decisions and many are in the pipeline on how to improve business atmosphere in the country. He said that “you will have a good news when World Bank will release its report” on ease of doing business. The report is slated to be released by the World Bank later this month.
“We have to ensure that India continues to be on the forefront of growth, not only to help our people but also to contribute to global growth. So, one country growing also helps other countries as a co-beneficiary,” he said.
Prabhu, who also is the in charge for the Civil Aviation portfolio, said that his ministry is preparing a roadmap to push the manufacturing of aeroplanes in the country. He said that the country will require at least 1,000 aircraft as the aviation sector is expanding rapidly.
“The government is readying a plan to manufacture aircraft locally,” the Minister added.