India to be $5 trillion economy in 8-9 years

New Delhi, January 18: Union Commerce and Industries Minister Suresh Prabhu stated that in next 8-9 years India is expected to become a USD 5 trillion economy with manufacturing sector accounting to 20% of the figure.

He also mentioned that he is currently working on a strategy for international trade which will contribute USD 2 trillion to the economy where the contribution can come from both manufacturing and services. "India is not only bridging digital divide but also helping people scale up their income," Prabhu said.

Earlier, in his address to the delegates, Amitabh Kant, CEO of Niti Aayog said that every Indian will have a smartphone in the next five years He said that this was a period of huge technology disruption in the country.

"Today, 85 percent of the devices are still unconnected. Therefore, there is a huge opportunity in the Internet of Things (IoT) space. The opportunity would be in the range of $70 billion by 2025," he said.

According to Kant, Artificial Intelligence (AI) alone will generate the opportunity to the tune of $32 billion. "Advanced robotics is already handling 25 percent of the jobs. This will rise to 45 per cent in the coming years.