Size of Indian economy will reach $5 trillion by 2022: PM Narendra Modi

Prime Minister Narendra Modi said the Indian economy will grow at over 8% rate with massive employment generation being seen in IT and retail sectors. Macroeconomic fundamental of the economy are strong, he said.

Prime Minister Narendra Modi said on Thursday that the size of the Indian economy will double to $5 trillion by 2022 with manufacturing and agriculture contributing $1 trillion each.

PM Narendra Modi said the government will not shy away from taking tough decisions in national interest. (PTI/File Photo)

Speaking at the foundation laying ceremony of India International Convention and Expo Centre in New Delhi, he cited this week’s announcement of merger of Dena Bank, Vijaya Bank and Bank of Baroda to create the country’s third largest lender to say that the government will not shy away from taking tough decisions in the national interest.

Indian economy, he said, will grow at over 8% rate with massive employment generation being seen in IT and retail sectors. Macroeconomic fundamental of the economy are strong, he said.

The government’s push for Make in India has led to 80% of mobile phones currently in use being manufactured within the country, helping save ₹3 lakh crore in foreign exchange. The government, he said, has courage to take bold decisions.

Besides banks’ merger, he cited the rollout the Goods and Services Tax (GST), which amalgamated 17 central and state taxes, among the bold measures taken by the government.