One-third of 5-trillion dollar economy must come from exports: Pranab Mukherjee

Mukherjee while speaking at an event here said, "Exports must constitute at least one-third of the total worth of the five trillion dollar economy which was assured by the Prime Minister and the Finance Minister."

"It is possible to achieve the five-trillion dollar economy provided one-third of it comes from international trade sectors," he added.

After getting re-elected for the second term, Prime Minister Narendra Modi said the country will have an economy of five-trillion dollar by 2024.

Union Finance Minister Nirmala Sitharaman in her maiden Budget speech in the Lok Sabha had said the country will grow to become three-trillion dollar economy in the current fiscal year.

Though the former President, who remained the Finance Minister during the UPA regime, believes India can benefit from the ongoing trade war between the US and China, he feels that is not a long-term way for India's economic progress.

He said, "India has some ray of hope because of the fight between the two giants. The trade war will give our exporters some temporary relief.... But we should not expect these types of temporary advantages to stimulate our economy."

"The real stimulation must come from the strength of the Indian economy and not from external factors," said the former President who is also "afraid" of the trade wars.

(Images by Avishek Mitra/IBNS)