New Delhi, May 3 (KNN) India’s new industrial policy which would focus on modernising existing industries and increasing start-ups will help the country become the next engine of growth for the world, Commerce & Industry Minister Suresh Prabhu said.

He was addressing the Indian diaspora in South Africa. Prabhu was leading a high level business delegation to Johannesburg to participate in the two-day India-South Africa Business Summit 2018 which began on April 29.

Prabhu said the new policy would consist of three main elements - modernising existing industries, bringing new industries and increasing start-ups.

“I can say with confidence that 2018 will be better than 2017 and 2019 will be better than 2018, and I am not saying that as an astrologer – it is purely based on real, legitimate growth numbers of India,” Prabhu said.

“By 2025 India will be a five trillion-dollar economy and 10 trillion with another seven years’ journey and India will then be world’s third largest economy in the world,” the Minister said.

He said the government is focusing on futuristic industries which will drive the growth of the world, not the industries of today, which will be facing the challenge of obsolescence all over the world.

He said the government has identified 12 sectors and has already set aside almost a billion dollars approved by the cabinet for them.

“These 12 sectors will create jobs and drive the economy, but also promote exports, because services exports will be higher than material exports of production,” Prabhu said.