While presenting the maiden Union Budget on Friday, Finance Minister of India Nirmala Sitharaman said India will be a $3 trillion economy in 2019-20.
While making her commitment to make India a $5 trillion economy by 2024, Sitharaman said, “Our economy was $1.85 trillion when we assumed power (in 2014) and it reached $2.7 trillion (in five years since).”
She added, “I am confident we will achieve our goals. With a determined human effort, the task must be completed.”
However, she added India would need investment in the digital economy, infrastructure and job creation in small and medium enterprises to achieve the government’s vision of $5 trillion economies.
In terms of Purchasing Power Parity (PPP), she said, India has become the third-largest economy in the world after the US and China.
The Indian economy grew at 6.8%, a five-year low, in 2018-19 and fourth-quarter growth slumped to 5.8% which was a 17-quarter low.
Whereas, Prime Minister Narendra Modi has urged various states to work together to tackle socio-economic problems and make India a $5 trillion economy by 2024. He added it a “challenging but achievable” goal.
