Reforms to push India to $10 trillion economy: Prabhu

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SME Times News Bureau | 14 Nov, 2018
Union Minister for Commerce and Industry Suresh Prabhu on Wednesday said India will be a $10 trillion economy by 2035 riding on to reforms.

"India is growing at a fast rate and will be a $5 trillion economy in another 7-8 years. By 2035, it will be a $10 trillion economy and we are preparing for that in an aggressive way," he said in a recorded message at the inauguration of India International Trade Fair (IITF).

Prabhu said that business-friendly policies of the government that saw India climb from 142 to 77 rank on Ease of Doing Business in last four years.

"India is constantly improving and we want to take it beyond 50 and later even higher. India's ranking globally is increasing due to domestic policies. We are making structural reforms, we are bringing in transparency. We deal with complete transparency in public procurement."

The Minister said IITF is India's flagship event where participants from across the globe take part. The 38th IITF, being organised in less than one-fourth of the area at Pragati Maidan due to ongoing renovation and construction, has 17 countries participating in it.

"I am sure this will showcase India's capabilities... This is an event where businesses meet, policy makers meet to exchange ideas, to shape together a good future for humanity and to make world a better place by increasing your toplines and bottomlines and that can only happen when governments allow businesses to grow," he said.