Growth policies being drawn up for each sector: Suresh Prabhu

The government is working towards drawing up policies for various sectors of the Indian economy to be able to increase their business that would, in aggregate, result in higher GDP growth, Commerce Minister Suresh Prabhu said on Friday.

Addressing the National Retail Summit here organised by the Confederation of Indian Industry (CII), Prabhu said that in recent days, he had been consulting stakeholders from several sectors like pharma, IT, gold and jewellery, and the retail trade in this regard.

"We are in the process of drawing up policies for each of the sectors of the economy on how to increase their business and market.

"The aggregate effect of each of the sectors growing would add to our GDP (gross domestic product)," Prabhu said.

Informing the audience that he had met with IT industry body Nasscom and Biocon Chairperson Kiran Mazumdar Shaw on the pharma sector, Prabhu said the latter had spoken of $100 billion worth of business being achievable by the Indian pharma and biotech industry.

"At the Gold Council event today (Friday) I said let us target $25-30 billion worth of gold jewellery exports in the next few years.

"We are in the process of identifying the ways of helping each sector grow. As Commerce Minister it is my responsibility that any business should grow... it will add to the country`s GDP," he added.

Noting that retail is the fulcrum of growth for all sectors - agriculture, manufacture, services - Prabhu said it could only flourish in partnership with other areas of economic life.A

"The final cutting edge of manufacture for customers will only come through retail, which also creates backward linkages for agriculture.

"If we can create a good supply chain in India, it will immensely benefit customers," he said, adding that almost 30 per cent of food and vegetables in the country are lost due to lack of proper storage facilities.

Prabhu also noted that e-commerce is a new dimension in the marketplace.

"If we create a platform for e-commerce... have a virtual marketplace it will create major opportunities to expand business and employment."