INDIAN Economy Will Achieve $5 trillion By 2022: PM Modi

AS  the  Opposition  Accusing   Prime Minister Narendra Modi of  ruining  the national economy  of  demonetization  and GST, he  said  the size of Indian economy will double to $5 trillion by 2022 with manufacturing and agriculture contributing $1 trillion each. Speaking at the foundation laying ceremony of India International Convention and Expo Centre on Thursday at Dwarka in West Delhi, PM Modi  cited the  proposal for merger of Dena Bank, Vijaya Bank and Bank of Baroda to create the country’s third largest lender to say that the Government will not shy away from taking tough decisions in  national interest. Indian economy will grow at over 8 per cent rate with massive employment generation being seen in IT and retail sectors. Macroeconomic fundamental of the economy are strong.The Government’s push for Make-in-India has led to 80 per cent of mobile phones currently in use being manufactured within the country  thus saving  outgo of INR 3 lakh crore in foreign exchange annually .The Government has courage to take bold decisions. Besides banks’ merger, he recalled introduction of  the Goods and Services Tax (GST)  subsuming 17 central and state taxes Is it  was not  among the bold measures taken by the Government?, he asked  the audience from trade and commerce.  Prime Minister Modi laid the foundation stone for India International Convention and Expo Centre (IICC) at Dwarka. Located in Sector 25, Dwarka, the Centre would be a world-class state-of-the-art Exhibition-cum-Convention Centre with facilities like financial, hospitality and retail services. The estimated cost of the project is Rs.25,700 crores. The project is being implemented by India International Convention & Exhibition Centre Limited, a 100 per cent Government owned company under Department of Industrial Policy & Promotion, Ministry of Commerce and Industry. Earlier, Prime Minister took a ride on the Airport Express Metro from Dhaula Kuan to Dwarka on way to lay the foundation stone of India International Convention and Expo Centre. Metro officials said the ride was completed in 14 minutes. PM Modi  very  often prefers  Metro service to reach distant venues to avoid traffic jams which occur during VVIP movement.