Prime Minister Narendra Modi on Thursday said the size of Indian economy would double to $5 trillion by 2022, with manufacturing and agriculture contributing $1 trillion each.
Speaking at the foundation laying ceremony of India International Convention and Expo Centre in New Delhi, he cited this week’s announcement of the proposed merger of Dena Bank, Vijaya Bank and Bank of Baroda to create the country’s third largest lender to say that the government would not shy away from taking tough decisions in the national interest.
The Indian economy would grow at over 8% rate with massive employment generation being seen in IT and retail sectors. Macroeconomic fundamental of the economy were strong, he said.
''Make-in-India''
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 had the courage to take bold decisions.
Besides the 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.
