World Economy

India GDP Can Double in 3 Years

India GDP Can Double in 3 YearsIndia GDP Can Double in 3 Years

At the pace at which India’s GDP is growing, the country can double the same over the next 3-3.5 years propelled by the efforts being made by the Prime Minister Narendra Modi’s government, Railway Minister Suresh Prabhu said here on Friday.

“To reach $1 trillion GDP mark, it took India 20 years, but it added the next trillion in just seven years, NDTV reported.

With investors having tremendous respect for the efforts of Modi, Indian economy can double its size in the next 3-3.5 years,” he said.

Prabhu was optimistic about India’s long-term growth to the tune of a $20 trillion economy in the next 20 years.

An International Monetary Fund study in 2014 had said that India’s GDP would cross $3 trillion after five years in 2019.

The minister said with the inflation staying down and conducive environment being created, the economy was looking up and foreign direct investments were increasing.

“There is a tremendous respect among investors for the efforts of the prime minister and they are eager to invest in India,” Prabhu said.

Addressing a regional meet of chartered accountants, he said that, despite alternative views in a democracy, “we should pursue growth to eradicate poverty”.

“In a democracy, alternatives should be discussed but, at the end, a final decision has to be arrived at,” he said.

“We cannot be ambiguous about our goals. It is essential that concerted efforts are made and we have a comprehensive strategy to reach our goal, which is achieving inclusive growth coupled with elimination of poverty and corruption,” the minister added.