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Slowing world economy is a matter of concern for all countries including India: Prabhu

Updated: Oct 17, 2018 07:02:24am
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Slowing world economy is a matter of concern for all countries including India: Prabhu

New Delhi, Oct 17 (KNN) No country in the world can benefit from global trade decline and slowing world economy is a major cause of concern for all countries particularly India as it has the potential to become USD 10 trillion economy before 2035, said Suresh Prabhu, Commerce & Industry Minister.

Speaking at the 98th annual session of the Associated Chambers of Commerce and Industry of India (ASSOCHAM), Prabhu said “India is the worst sufferer if the world trade does not grow because we have a huge stake, our share in global trade is increasing and in fact we are at a stage where-in more global growth will come from more production within the country.”

Also, he added “I have set up some top thinkers to navigate India out of these new emerging trends and how do we become winners despite these challenges.”

Further, he informed that his ministry is working on improving business atmosphere in India through initiatives like promoting ease of doing business at district level.

Urging the industry to embrace new ideas, he informed that the new industrial policy which is soon likely to be announced, is focused on modernizing the present industry and embracing the newer industry which is going to be the cause of future growth.

“Industry should come out with concrete solutions to help government and work together,” he added.

Besides, he said, India’s integration with international trade is very critical to grow at a faster rate.

“We have to ensure that India will continue to be on forefront of growth, not only for helping our people but also contribute to global growth, so one country growing also helps other countries as a co-beneficiary,” Prabhu added.

Speaking about aviation sector, Prabhu said that government is preparing a roadmap to promote manufacturing of aeroplanes in India to ensure growth of country’s aviation sector.

He said “The growth in aviation would need at least 1,000 aeroplanes to be brought by India, but if we just continue to buy it, over a period of time we will result into becoming the largest importer of aeroplanes.”

Adding to the statement, Prabhu said “We are preparing a plan for manufacturing of aircrafts in India and that will have a huge benefit.”

The minister further said that government’s twin plan of promoting indigenous manufacturing of aeroplanes and construction of 100 airports in 15 years at an estimated cost of $65 billion would drive aviation sector’s growth in India.

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