Vision of a New India – USD 5 Trillion Economy

Question: Vision of a New India is an action-oriented plan for making India a-
(a) 5 Trillion dollar economy
(b) 7 Trillion dollar economy
(c) 8 Trillion dollar economy
(d) None of the above
Answer: (a)
Related facts:

  • The Ministry of Commerce & Industry is creating an action-oriented plan which will highlight specific sector level interventions to bolster India’s march towards becoming a 5 trillion dollar economy before 2025.
  • The Ministry has created a corpus of USD 1 billion to boost 12 identified Champion Services Sectors for promoting their development, and realizing their potential. These include Information Technology & Information Technology enabled Services, Tourism and Hospitality Services, Medical Value Travel, Transport and Logistics Services, Accounting and Finance Services, Audio Visual Services, Legal Services, Communication Services, Construction and Related Engineering Services, Environmental Services, Financial Services and Education Services.
  • India’s first ever Agricultural Export Policy with a focused plan to boost India’s agricultural exports to USD 60 billion by 2022 thereby assisting the Agriculture Ministry in achieving its target of USD 100 billion and to integrate Indian farmers and the high quality agricultural products with global value chains and to double India’s share in world agriculture.
  • Commerce Ministry is working closely with the Finance Ministry to ease credit flow to the export sector, especially small exporters to ensure adequate availability of funds to them.
  • 15 strategic overseas locations where the Trade Promotion Organizations (TPOs) are proposed to be created include countries – Kazakhstan, China, South Africa, UAE, Germany, Vietnam, Indonesia, Peru, U.K., Australia, Mexico, Russia, USA, Brazil and Japan.

Links:
http://pib.nic.in/PressReleaseIframePage.aspx?PRID=1555538