Despite all the allegations from the opposition, the Indian economy has largely shown signs of growth in the recent times. Prime Minister Narendra Modi has now given a very encouraging and exciting prospect of where Indian economy could find itself in 4 years from now. He said on Thursday that the size of the Indian economy will double to $5 trillion by 2022 with manufacturing and agriculture contributing $1 trillion each. He expressed confidence that the government will not shy away from taking tough decisions in the national interest.
P.M Modi was speaking at the foundation laying ceremony of India International Convention and Expo Centre in New Delhi. During the speech, he cited this week’s announcement of the merger of Dena Bank, Vijaya Bank and Bank of Baroda. The joining of these three banks would create the country’s third-largest lender. Modi said that the Indian economy will grow at over 8% rate. He expressed hope that a massive employment generation will be seen in IT and retail sectors. Macroeconomic fundamental of the economy are strong, he said. Modi cited the implementation of Goods and Service Tax as yet another bold move from the part of the government.
Modi added that the Make in India initiative has led to 80 percent of the mobile phones in use being manufactured in the country itself.
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