New Delhi : India’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’s size to $5 trillion in 7-8 years, Commerce Minister Suresh Prabhu said on Friday.
“We are working on few strategies to boost economic growth. We are now seeing an upsurge,” he said 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.
“I should not be surprised that in the next few quarters, say next 2 years for sure, we will be very close to or cross 8 per cent growth and that is coming out of strong performance of so many sectors,” he said.
India’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 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, “which is going to make India ready for the fourth industrial revolution and beyond”.
