India to be worst hit if global trade falls, says commerce minister Suresh Prabhu | Latest News India - Hindustan Times
close_game
close_game

India to be worst hit if global trade falls, says commerce minister Suresh Prabhu

New Delhi | ByIndo Asian News Service
Oct 16, 2018 09:25 PM IST

India has the potential to become a $10-trillion economy before 2035, Suresh Prabhu said at the 98th Annual Session of The Associated Chambers of Commerce and Industry of India (Assocham).

India will be the worst sufferer if international trade declines, Union commerce and industry minister Suresh Prabhu said on Tuesday, as the US ratchets up tariff war and embarks on protectionism.

Commerce minister Suresh Prabhu speaks with JSW CMD Sajjan Jindal (L) during ASSOCHAM's 98th Annual Session ‘New India- Working For 1.25 Billion Aspirations’, in New Delhi.(AP Photo)
Commerce minister Suresh Prabhu speaks with JSW CMD Sajjan Jindal (L) during ASSOCHAM's 98th Annual Session ‘New India- Working For 1.25 Billion Aspirations’, in New Delhi.(AP Photo)

“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,” Prabhu said at an industry-body event in New Delhi.

Hindustan Times - your fastest source for breaking news! Read now.

“We are at a stage where more global growth will come from more production within the country,” he said.

India has the potential to become a $10-trillion economy before 2035, the Minister said at the 98th Annual Session of The Associated Chambers of Commerce and Industry of India (Assocham).

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

He stressed that India’s integration with international trade was critical if it were to grow at a faster rate.

The government is working on improving business atmosphere in Asia’s third-largest economy.

“We have to ensure that India continues to be on the forefront of growth, not only to help our people but also to contribute to global growth. So, one country growing also helps other countries as a co-beneficiary,” he said.

Prabhu, who is also the Union Civil Aviation Minister, said the government was preparing a roadmap to promote manufacturing of aeroplanes in India.

India would require at least 1,000 aeroplanes, as the aviation sector expands. The government is readying a plan to manufacture aircraft locally, he added.

Further, the 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 the aviation sector’s growth, he said.

Speaking at the same event, Vice President M. Venkaiah Naidu said that there was a need to promote corporate ethics.

“Ethical behaviour has to be promoted by individuals as well as organisations by adopting zero-tolerance towards corruption, bribery and frauds,” Naidu said.

Naidu said India must capture the demographic dividend by imparting appropriate education, skills and fostering entrepreneurship, so that its youth become job creators instead of job seekers.

Unveiling Elections 2024: The Big Picture', a fresh segment in HT's talk show 'The Interview with Kumkum Chadha', where leaders across the political spectrum discuss the upcoming general elections. Watch now!

Get Current Updates on India News, Election 2024, Arvind Kejriwal News Live, Bihar Board 10th Result 2024 Live along with Latest News and Top Headlines from India and around the world.
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, March 29, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On