Suresh Prabhu, Minister of Commerce& Industry addressing members of the task force.

Minister of Commerce& Industry, Suresh Prabhu, chaired a working group on making India a USD 5 trillion economy in 7 years. The meeting was attended by heads of CII, FICCI, IFC, NASSCOM, NitiAayog and senior officials from the Departments of Commerce and DIPP.

The Minister said that India’s GDP could reach USD 5 trillion provided that there is consistent growth in manufacturing, services and agricultural sectors. The Minister underlined key role of the private sector to create new business models and strategies and leverage new technologies in order to fuel growth in the Indian economy. Government will act as the facilitator in this process.

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.

Government of India has focused on twelve Champion Sectorsto push growth in manufacturing and generate job opportunities in India. These sectors have potential to become global champions and drive double digit growth in manufacturing. 

Economic growth strategy: government to facilitate private-sector-led manufacturing and services expansion leveraging technology and champion sectors. A governmental economic strategy emphasizes the State's facilitative role to accelerate growth across manufacturing, services and agriculture by enabling private sector innovation and technology adoption. Operative mechanisms include promotion of twelve designated Champion Sectors, integration of manufacturing into global value chains, and support for small and medium enterprises, while policy planning will address technological disruption, climate change and demographic factors through interdepartmental and industry consultation.