New Delhi: Prime Minister Narendra Modi on Thursday said the size of the Indian economy would double to $5 trillion by 2022 with manufacturing and agriculture contributing $1 trillion each.
Speaking at the foundation-laying ceremony of India International Convention and Expo Centre here, he cited this week's announcement of the merger of Dena Bank, Vijaya Bank and Bank of Baroda to create the country's third-largest lender and said the government would not shy away from taking tough decisions in national interest.
The Indian economy, he said, will grow at over eight per cent rate with massive employment generation being seen in IT and retail sectors. Macroeconomic fundamentals of the economy are strong, he said.
The government's push for ‘Make in India’ has led to 80 per cent of mobile phones currently in use being manufactured within the country, helping save Rs 3 lakh crore in foreign exchange.
The government, he said, has courage to take bold decisions. Besides banks' merger, he cited the rollout the Goods and Services Tax (GST), which amalgamated 17 central and state taxes, among the bold measures taken by the government.
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