India’s gross domestic product could reach $5 trillion if there is consistent growth in manufacturing, services and agricultural sectors, minister of commerce and industry Suresh Prabhu said while chairing a recent working group on achieving that target in seven years. The private sector can create strategies and leverage technology to fuel growth, he said.

The meeting was attended by heads of the Confederation of the Indian Industry (CII), the Federation of Indian Chambers of Commerce and Industry (FICCI), International Finance Corporation (IFC), the National Association of Software and Services Companies (NASSCOM), the Niti Aayog and senior officials from the departments of commerce, according to an official press release.

The participants underlined the need to factor in technological disruptions, challenges due to climate change, positive use of India’s demographic dividend, conscious effort to make India’s manufacturing sector a part of global value chain and recognizing the importance of small and medium scale enterprises to fuel India’s growth story. (DS)

Fibre2Fashion News Desk – India

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