New Delhi: Union Road Transport and Highways Minister Nitin Gadkari said on Saturday that the goal of making India a $5 trillion economy by 2024 was "difficult but not impossible." Speaking at the 29th International Management Conclave of the Indore Management Association, the minister said that it can be achieved by increasing domestic production and reducing dependence on imports.

'Strong political will needed to reach $5 trillion'

"Strong political will is very important to achieve any goal. Manifesting the same will, Prime Minister Narendra Modi has set ourselves the goal of making the country a $5 trillion economy," Gadkari said. "This goal is difficult but not impossible," he added.

"Our country has plenty of resources and production capacity. Despite that we are spending crores every year on importing goods like medicines, medical devices, coal, copper, papers, etc," the Union minister said. "If we want to become a $5 trillion economy, we have to increase the domestic production of these things instead of importing them," he added.

'India fastest growing economy in the world'

Making a reference to the economic slowdown which has currently arrested India's growth, Gadkari said, "We are the fastest growing economy in the world. But there is a cycle in the business. Challenges crops up, at times due to the global economy and sometimes because of a gap in demand and supply."

"But I see India's future in the leaders of younger generation who can turn difficulties and challenges into opportunities," the minister added.

'No dearth of capital, resources'

While noting that there was no dearth of capital or resources and technology in the country, Gadkari said, "There is definitely a lack of right vision and leadership in different fields." Exports will be encouraged by focusing on increasing the participation of Micro, Small and Medium Enterprises (MSMEs) in development, the minister said. "This will help create five crore new jobs… The government is asking every department what it can contribute to achieve the target of trillion economy," Gadkari added.
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