Prime Minister Narendra Modi on Friday called for targeting double-digit GDP growth for breaking into the $5 trillion economy club and said India’s share in world trade has to more than double to 3.4 per cent.
Speaking after laying the foundation stone of Vanijya Bhawan, a new office complex of the Ministry of Commerce here, he said his government has in four years taken steps to ease the process of doing business in India while maintaining macroeconomic indicators like inflation, current account deficit (CAD) and fiscal deficit within limits.
After scaling these positive macroeconomic indicators, what next, the Prime Minister asked.
He said GDP growth touched 7.7 per cent in the last quarter of 2017-18 financial year but now the time has come to look beyond 7-8 per cent growth and target double-digit expansion.
“The need of the hour is that we should work towards achieving the target of double-digit growth from 7-8 per cent,” Modi said, adding the world is watching as to when India will break into the $5 trillion economy club by doubling its economy.
The Prime Minister emphasised the need for increasing exports and said that states must be made active partners in this effort.