Former Union minister Suresh Prabhu has said that startups are going to play a vital role in making India a $5 trillion economy. He also said ‘so, when we talk about $5 trillion economy, it will be largely from the startups. It is inevitably bound to happen all over the world, thankfully our prime minister realised it and had that vision to understand the changing economic scenario of the Indian economy.’
Prabhu has stated that the economic growth will come from both the existing industries as well as from those companies that are going to come up in the future. He noted that India has become a $2.7 trillion economy in 2019, having added 1 trillion US dollars in the last five years.
Former Union minister further said that there has been a global economic slowdown, which has also impacted the country’s growth. The global economy is slowing down at the same time India’s economy has slowed down. He pointed out that the country needs to have three components – industries, services and agriculture to achieve an ambitious GDP goal of $5 trillion.