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Economic growth may cross 8% in next 2 yrs: Prabhu

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....conomic growth may cross 8% in next 2 yrs: Prabhu <br>News and Press Release<br>Dated:- 9-6-2018<br><BR>New Delhi, Jun 8 (PTI) India&#39;s GDP growth is likely to cross 8 per cent in the next two years and the government is taking a number of steps including formulation of a new industrial policy to double the economy&#39;s size to USD 5 trillion in 7-8 years, Commerce Minister Suresh Prabhu said ....

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....today. &quot;We are working on few strategies to boost economic growth. We are now seeing an upsurge,&quot; he told reporters here while talking about the achievements of the government during the last four years. Prabhu exuded confidence that the growth in 2018-19 will be better than the preceding fiscal. &quot;I should not be surprised that in the next few quarters, say next 2 years for sure,....

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.... we will be very close to or cross 8 per cent growth and that is coming out of strong performance of so many sectors,&quot; he said. India&#39;s GDP grew at the fastest pace in seven quarters at 7.7 per cent in the January-March quarter of last fiscal, retaining the fastest growing major economy tag on robust performance by manufacturing and service sectors as well as good farm output. On yearly....

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.... basis, however, it grew at a four-year low of 6.7 per cent in 2017-18, down from 7.1 per cent in the previous fiscal. Prabhu said that to facilitate the 8 per cent potential growth, the government is working on several areas including formulation of a new industrial policy, &quot;which is going to make India ready for the fourth industrial revolution and beyond&quot;. &quot;We have created a vi....

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....sion for USD 5 trillion economy in which USD one trillion will come from manufacturing, USD 3 trillion from services and USD one trillion agriculture and allied sector,&quot; he added. When asked about the impact of the RBI&#39;s decision this week to raise the benchmark lending rate by 0.25 per cent, the minister said: &quot;I do not think it should hamper investments&quot;. On his US visit nex....

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....t week, Prabhu said that he would meet his counterpart and industry leaders and raise India&#39;s concerns about tightening visa regime in the US and its impact on Indian IT sector. &quot;We will be raising the visa issue because we feel that Indians and their spouses are facing some issues there,&quot; he said, adding, &quot;we will explaining our position. It is not a formal trade talk..there i....

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....s no huge expectations&quot;. On the US challenging India&#39;s export support programmes, Prabhu said he would explain that those measures are not subsidies and instead ways to partially offset various additional costs incurred by them. &quot;Our export support regime is not violating any of the WTO rules,&quot; he said. &quot;We are also working to make sure that there is a proper clarity on ....

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....this. But what we are doing today is not violating any WTO rule,&quot; he added. On the proposed mega trade deal - Regional Comprehensive Economic Partnership (RCEP), Prabhu said India is actively engaged in the negotiations and also holding bilateral talks with member countries including China, Australia and New Zealand. &quot;What we are saying in RCEP is that it is a comprehensive economic pa....

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....rtnership pact and in this services should be an integral part of the agreement,&quot; he added<BR> News - Press release - PIB....