The 1st meeting of the Working Group on $ 5 trillion Indian Economy was held on 15.03.2018 in New Delhi chaired by Minister of Commerce and Industry (CIM) and was attended by Secretaries to the Government of India and representatives from NITI Aayog, CII, FICCI, NASSCOM, NCAER, Morgan Stanley, PwC, IIFT, IFC and FISME.
To double the size of Indian economy in the next seven to eight years which the government is targeting – from the current base of $ 2.6 trillion – a possible strategy was discussed in the meeting. The participants emphasized that putting GDP in a galloping growth trajectory will need aggressive push from Government expenditure, Private Expenditure, Investment and Exports. Another critical point which was extensively discussed at the meeting was: aligning Indian trade with global value chains. Around 80 per cent of the global trade happens through Global Value Chains (GVCs). Indian industry needs to align itself with these GVCs. Most of the enterprises involved in GVCs are medium enterprises. It is this category that needs to expand.