'India to be a $5-trillion economy soon'

Indian economy has the potential to grow further and is likely to touch the $5-trillion mark in the near future, the US Consul General, Paul Folmsbee, said on Friday.

"The Indian economy is growing fast and from the present $1.2 trillion, it is expected to become a $5-trillion economy very soon," Folmsbee, said without specifying a particular time frame, while addressing management students at G S College of Commerce in Nagpur.

The Consul General, who was in Nagpur for a seminar on 'Indo-US relations' also emphasised on the need for both countries to focus on vital issues like energy crisis, technology transfer, climate change, higher education and small as well as medium enterprises.

On the higher education scenario, particularly at the University level, Folmsbee said many US varsities were in the process of setting up their establishments in the country with Columbia University already establishing its institution in Mumbai.

On his first visit to the orange city, Folmsbee said he was here to study the issues of regional interest.