New Delhi: Union Minister for Railways Suresh Prabhu has asserted that implementation of the goods and services tax (GST) will double the gross domestic product (GDP) in the next 8-9 years.

He said, "The GST aims at increasing the number of taxpayers. And, as the tax revenue rises, the GDP will also increase. Our GDP is $2.5trillion today and in the next 8-9 years, it will grow to $5 trillion if our tax revenues increase. In 15years, our GDP will become $15trillion."

Speaking in an interactive session with the members of the industry, trade and commerce at the Chamber Towers in Coimbatore, he said the increase in the GDP would bring in more infrastructure projects into the country and also reduce debt burden. 

"The higher the GDP, the greater will be the investment in infrastructure projects," said Prabhu. He said, "The rise in GDP will also enable us to reduce the debt burden. At present, India's 52% GDP goes into paying debts."