Union Budget 2019 India: India will become $3 trillion economy by FY20, even as the government strives to reach $5 trillion mark by fiscal 2025, Finance Minister Nirmala Sitharaman said while presenting the maiden budget of re-elected Narendra Modi government.
Union Budget 2019 India: India will become $3 trillion economy by FY20, even as the government strives to reach $5 trillion mark by fiscal 2025, Finance Minister Nirmala Sitharaman said while presenting the maiden budget of re-elected Narendra Modi government. The sixth largest economy globally, India will reach $3 trillion in the current year itself, the union minister said, adding that India was standing at 11th rank five years back. In just five years, India has added $1 trillion and now aspire to reach $5 trillion, even as many wonder how it would be possible, she added. The target is eminently achievable, she noted, adding that all the private sector industries have played a substantial role in growing economy.
In PPP, India is the third largest, behind only US and China In five years, she also said. The many reforms in indirect taxes, bankruptcy, real estate and others have helped the country to grow at a fast pace in the last few years. “People’s hearts filled with Aasha, akanksha, vishwas,” she also said in her speech.
Finance Minister Nirmala Sitharaman also proposed changes to kickstart domestic and foreign investment. She also said that there is a need to invest heavily in infrastructure, digital economy and job creation in MSMEs. Having shown that ‘reform, perform and transform’ can succeed, the finance minister said that the country is all set to achieve new heights through its reform measures.
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The Economic Survey, tabled in Parliament by Finance Minister Nirmala Sitharaman on Thursday, had projected GDP (gross domestic product) growth at 7 per cent in the 2019-20 fiscal year from an estimated 6.8 per cent in the previous year. The Survey also said that the rate of investment has been seen picking up in FY20 on higher credit growth and improved demand.