India can become a $5 trillion economy by 2025: Suresh Prabhu

Challenge is to raise competitiveness of exports, says former Union Minister

With short-term action and medium-term vision, India has the potential to become a $5 trillion economy by 2025, former Union Minister Suresh Prabhu said on Saturday.

Mr. Prabhu was addressing a session organised by the Visakhapatnam Chapter of Chartered Accountants, Cost Accountants and Company Secretaries at Hotel Daspalla.

Mr. Prabhu said that the government has prepared a roadmap to make this possible by focusing on manufacturing, service and agriculture sectors.

“Manufacturing should lead to exports. This will bring in quality and competitiveness. Our cumulative exports stand at around half a trillion dollars. The challenge is to double it,” Mr. Prabhu said.

“Today, we have a great opportunity to increase exports, especially in the agriculture sector, so that farmers can be benefited by way of exporting their farm produce to foreign shores thereby contributing to India’s economic growth. However, the main focus is on raising competitiveness of Indian exports,” he said.