Indian economy can rank number 5 by 2020-25: Rajnath Singh
NEW DELHI: Union home minister Rajnath Singh, while inaugurating 110th Annual Session of PHD Chamber of Commerce on Saturday, said that India is among top 10 economies of the world and it can touch number 5 by 2020-2025.
The Annual Session of PHD Chamber of Commerce is being organized on the theme: ‘Transforming India – Together We Can & We Will’.
Singh said that country cannot develop until it is secure, thus security is the first condition for development. He also emphasized upon the ‘spiritual development’ along with ‘economic development’ for the ‘comprehensive development’ of personality of an individual.
He said that materialism can give momentary happiness, but the mental peace can only be gained through spiritual development. He said that, in addition to becoming a ‘super economic power’, India should also become a ‘Jagadguru’. The world should get attracted to the values of India, he added.
Commenting upon the theme of the session – ‘Together we can & we will’, he said that the theme is in line with the Prime Minister’s vision of ‘Sabka Saath, Sabka Vikas’. He said that schemes of the government aim at financial inclusion of common people.
He also said that India is among the top 10 economies of the world and by the year 2020-25, India can find a place in the top 5 economies of the world. He said that India’s rank has gone up on the parameter of ‘ease of doing business’. He also said that India’s growth rate will touch double digit in near future, which is nearly 7.5% at present.
Singh said that the biggest challenge today is to accelerate the speed of economic engine. India has no dearth of natural resources and human resources, he added.
“Indian economy has gone through many adverse circumstances in the path of growth, since independence, but it could survive the effects the global recession and then the world recognized that Indian economy has growth potential,” he added.
The Union minister said that various schemes, such as ‘Make in India’, have accelerated the growth rate of India adding that India has become a favorite destination for foreign investors as the confidence of foreign investors has gone up and the government has also taken various structural and procedural reforms to make India business and industry friendly.
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