India To Become $3 Trillion Economy This Year, Says Finance Minister

India To Become $3 Trillion Economy This Year, Says Finance Minister

India To Become $3 Trillion Economy This Year, Says Finance Minister 

New Delhi: Union Budget 2019 has been unveiled by the PM Modi-led-government 2.0, on Friday. While presenting the budget, Union Finance Minister Nirmala Sitharaman, while presenting the Union Budget for 2019-20 in Parliament, said India will become a $3 trillion economy in the current year itself. "It is now the sixth largest economy... Five years ago it was 11th," the finance minister said. Ms Sitharaman said, "We need to invest heavily in infrastructure, digital economy, job creation." 

Read here: Budget 2019: Aadhaar For NRIs On Arrival Without Waiting Says, Nirmala Sitharaman

The Finance Minister, said India needs to make structural reforms to achieve the target of $5 trillion economy in the next few years. She said it was the right time to consider increasing minimum public shareholding from 25 per cent to 35 per cent.    

Prime Minister Modi has set a target of growing India into a $5 trillion economy by 2024/2025 from $2.7 trillion. On Thursday, the Economic Survey said that the target will be achieved on the back of higher investment, savings and exports in the way China's growth was propelled.

Indian economy grew at a much slower-than-expected 5.8 per cent in the last quarter, the weakest growth in five years.

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