The last five years were of the detoxification of the economy and in the next five years, a series of reforms will be taken to make it one of the most powerful economies of the world, Shah said.
India is already a destination of global companies due to its huge market and FDI is at record level today, the minister said.
"In 2014, in the list of world economy, we stood at 11th with the size of economy at USD 2 trillion. And after five years, today we have moved from 11 number to 7 and have reached USD 2.9 trillion and I have full confidence that by 2024, we will achieve the target of USD 5 trillion," he said here at an event of the Economic Times.
On ease of doing business ranking, he expressed confidence that india's rank will be within top 30th before 2024.
"India was at the rank of 142 in 2014, but in the last five years we jumped to 77 and by 2024, India will be somewhere at the rank of 30," Shah said.
India is a global investment destination and industry should not lose confidence simply because of temporary growth slowdown, the minister noted.
"Indian economy and markets will emerge stronger from this because of the decisive, bold leadership that India is currently under.
"While growth has slowed down, the pace of reforms has not. Making India a USD 5 trillion economy is a shared responsibility between the government and the private sector," Shah said. RR BAL