Union Minister for Commerce and Industry Suresh Prabhu on Wednesday said Indian economy will quadruple to $10 trillion by 2035 riding on business-friendly policies, structural reforms and transparency in governance.

“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).

Advertisement

Prabhu said that no country can grow unless companies grow and their growth is dependent on interactions with rest of the world and the 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.

The partner country for the 14-day trade fair is Afghanistan, focus country is Nepal and focus state is Jharkhand. The theme of the international fair, with about 800 participants, is “rural enterprises” and was inaugurated by Minister of State for Commerce and Industry C.R. Chaudhary along with Union Culture Minister Mahesh Sharma.

While Sharma said the country is fortunate to have an enterprising Prime Minister, Chaudhary said foreign investment worth more than $60 billion comes to India each year under the Make in India scheme launched by the PM and that India is set to become a manufacturing hub.

Jharkhand’s Khadi Gram Udyog Board Chairman Sanjay Seth said the tribal state, which will turn 18 years old on November 15, has been growing at over 10 per cent under the current leadership of Raghubar Das with major progress in basic infrastructure like roads.

India Trade Promotion Organisation officials said while the current fair is orgainsed in only 22 per cent of the total space due to construction activities, the next IITF will be the biggest ever as a world class international exhibition cum convention centre will be ready by then.