India can be $5tn economy by 2025: Prez

Mumbai: With major contributions from the services technology sectors, India can reach the target of a five trillion dollar economy by 2025, said President Ramnath Kovind on Tuesday. He said the service industry is the growth engine of the economy and has the potential to contribute up to three trillion dollars.

President Kovind inaugurated International Exhibition and conference of three days at Bombay Exibition centre, Goregaon. Mr Kovind was accompanied by his wife Sarita Kovind, Governor C. Vidyasagar Rao,  chief minister Devendra Fadnavis, Union minister Suresh Prabhu among others.

Mr Kovind said India was the preferred destination of international investors. Our industry is growing well and the service industry is also growing rapidly and contributing 6.1 per cent of the GDP which will further increase. India is ranking third in the world for start-ups.