India can become $10 tn economy in 2 decades: Prez

President Pranab Mukherjee on Saturday said that India has the potential to attain an economy the size of $10 trillion, over the next two decades as the latter has shown resilience in the face of global economic crises.

He was addressing the 35th India International Trade Fair (IITF) 2015, which kicked off here at Pragati Maidan. IITF is the country’s largest trade fair, where as many as 7,000 companies from different nations including China, Russia and Pakistan, are showcasing their products.

The President said that there was a need to provide impetus to domestic manufacturing, and ‘Make in India’ campaign along with a focus on Asia, Africa and Latin America as newer export markets will help sustain the challenges from the external sector.

“We are a $2.1-trillion economy, and have the potential to be a $10-trillion economy over the next two decades, provided that we are able to provide a fillip to manufacturing and innovation,” Mukherjee said.

Barring a below five per cent growth in one year (2012-13), India’s economy has shown resilience, the President said, adding that the economic scenario is again looking up, with 7.2 per cent growth in 2014-15.

“It is expected to improve further as other macroeconomic indicators are showing substantial improvement,” he said.

‘Make in India’ is the theme of this year’s trade fair, while Afghanistan is the ‘Partner Country’, and Bangladesh is the ‘Focus Country’. 

Extending India’s global appeal for investment in diverse sectors, Smart Cities, Digital India, model villages, Clean Ganga Mission, and the Jan Dhan Yojana have been depicted in the central and state pavilions, at the venue.

The fair would also provide a platform to SME exporters, entrepreneurs and investors. Goa and Jharkhand are Partner States, while the 'Focus State' is Madhya Pradesh. The first five days have been reserved for business visitors, following which, it would be open to the public during November 19-27.