New Delhi, Dec 21 (KNN) Union Minister of Micro Small and Medium Enterprises (MSME) has said that India must increase its share in global trade to 8-10% to become a 5 trillion dollar economy.

He said that China contributes around 17% to global trade while India’s contribution is 2.6%.

Speaking at the 92nd Annual Convention of FICCI on Friday, Gadkari said, “The most important thing for the 5 trillion dollar economy is the export-import balance. This is the best opportunity for us to increase this to 8-10%. Today, costs in China are increasing, and they are facing some difficulties. This is a blessing in disguise for us.”

''Infrastructure sectors along with MSME has potential to help India becoming USD 5 trillion economy,'' he asserted.

Gadkari said the government has already identified 25 such sectors, adding that “we are making a plan to see how we can reduce their import and increase exports.''

Commenting on importing, he said India was spending Rs 7 lakh crore every year on crude oil import and the country has the potential to reduce this bill by Rs 2 lakh crore by shifting to alternative fuels including ethanol, methanol, bio-CNG and electric vehicles.

“Without strengthening agriculture, tribal and backward areas, purchasing power will not increase, without which investment will not come. Without investments, employment potential will not increase,” he avowed.