Union Minister Suresh Prabhu was speaking at the inauguration of India International Trade Fair. (File)
Union Minister for Commerce and Industry Suresh Prabhu today said Indian economy will quadruple to $10 trillion by 2035 riding on business-friendly policies, structural reforms and transparency in governance.
"India is growing at a fast rate and will be a $5 trillion economy in another 7-8 years. By 2035, it will be a $10 trillion economy and we are preparing for that in an aggressive way," he said in a recorded message at the inauguration of India International Trade Fair (IITF).
Mr Prabhu said no country can grow unless companies grow and their growth is dependent on interactions with rest of the world. He said the business-friendly policies of the government saw India climb from 142 to 77 rank on Ease of Doing Business in the last four years.
"India is constantly improving and we want to take it beyond 50 and later even higher. India's ranking globally is increasing due to domestic policies. We are making structural reforms, we are bringing in transparency. We deal with complete transparency in public procurement."
The minister said IITF is India's flagship event where participants from across the globe take part. The 38th IITF has 17 countries participating in it.
"I am sure this will showcase India's capabilities... This is an event where businesses meet, policy makers meet to exchange ideas, to shape together a good future for humanity and to make world a better place by increasing your toplines and bottomlines and that can only happen when governments allow businesses to grow," he said.