Startups will be key in India becoming USD 5 trn economy: Prabhu

Startups are going to play a major role to make India a USD 5 trillion economy, former Union minister and BJP MP Suresh Prabhu said on Saturday.

"So, when we talk about USD 5 trillion economy, it will be largely from the startups. It is inevitably bound to happen all over the world, thankfully our prime minister realised it and had that vision to understand the changing economic scenario of the Indian economy," Prabhu said here at an event.

The economic growth will come from both the existing industries as well as from those companies that are going to come up in the future, he added.

In 2019, India has become a USD 2.7 trillion economy, having added one trillion US dollars in the last five years.

There has been a global economic slowdown, which has also impacted the country's growth, Prabhu added.

"The global economy is slowing down. At the same time India's economy has slowed down," he said.

Further, Prabhu said there are three components that are necessary to achieve India's ambition of becoming a USD 5 trillion economy.

"It needs to have three components - industries, services and agriculture," he added.