New Delhi: The Union Minister for Commerce & Industry and Civil Aviation, Suresh Prabhu has said that the contribution of manufacturing sector to the national GDP will rise to as high as 20% in the future. The Minister said that sector-wise work is on, to achieve this. Stating that new industries will drive future growth, the Minister said that the Government is working with industry on identifying what these new sectors are going to be. Speaking of India’s collaboration with Japan, Prabhu said that we need to focus on industries which are not even born today.
He stated that the service sector will continue to be a strong growth driver of the national economy. He asserted that Government is working on increasing the productivity of the agriculture sector as well. The Minister was speaking at the inaugural session of the two-day India Economic Summit 2018, being organized by Bombay Stock Exchange, in Mumbai today.
Stating that the emergence and flowering of the vision of New India will require us to focus on the qualitative aspects, Prabhu said that the next wave of growth will happen due to a surge in Indian entrepreneurship. The Minister said that we need to work on improving the tax-GDP ratio. Noting that the investment potential in India is huge and that foreign investors are very eager to invest in the country, the Commerce Minister said that the Government will soon announce cargo policy.
Prabhu noted that while we have a trade deficit with China, we have signed agreements with China which will help in reducing the same. He said that states will drive growth in future, districts will facilitate it and the Central Government will give an umbrella cover for this growth.