PM: Will take tough decisions, double economy in 5 years

New Delhi, September 20

Prime Minister Narendra Modi said Thursday his government would continue to take tough decisions and expressed hope that the size of the Indian economy will double to $5 trillion in the next five-seven years.

The contribution of manufacturing and agriculture would be $1 trillion each, he said, while laying the foundation stone of India International Convention and Expo Centre (IICC) here.

Modi travelled by the Airport Express Metro to reach the venue of the foundation stone-laying ceremony at Sector 25, Dwarka.

“I want to assure you that in the public interest, we have taken tough decisions and this will continue,” he said, adding India’s economy is gaining strength despite global challenges. Modi further said the government had recently taken a decision to merge Dena Bank, Vijaya Bank with the Bank of Baroda.

“What is the need of dozens of public sector banks. We have been listening to this debate for years but no one took steps in that direction,” the Prime Minister said, adding the government has also merged banks with SBI and has now decided to merge three more state-owned banks.

Referring to the government’s Make in India initiative, he said India had become a hub of mobile phone manufacturing, which had provided employment to 4-5 lakh youth in the last four years and helped the country save Rs 3 lakh crore foreign exchange.

The government, Modi said, was preparing district-level plans to promote ease of doing business so that they could increase their contribution to the national GDP.

The tourism sector too has recorded healthy growth and has created job opportunities for youth, he added. Talking about the Rs 25,703-crore convention centre, the PM said it would help create jobs for five lakh youth. — PTI