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National News

Jun 08, 2018
6:33PM

India's GDP growth is likely to cross eight per cent in the next two years: Commerce Minister Suresh Prabhu

Commerce Minister Suresh Prabhu today said India's GDP growth is likely to cross eight per cent in the next two years. 

He said, the government is taking a number of steps including formulation of a new industrial policy to double the economy's size to five trillion dollars in 7 to 8 years. 

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. Mr Prabhu said that to facilitate the eight per cent potential growth, the government is working on several areas. 

On his US visit next week, Mr Prabhu said that he would meet his counterpart and industry leaders and raise India's concerns about tightening visa regime in the US and its impact on Indian IT sector. 

On the proposed mega trade deal - Regional Comprehensive Economic Partnership, he said India is actively engaged in the negotiations and also hold bilateral talks with member countries including China, Australia and New Zealand.

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