FM Arun Jaitley thinks Indian economy will more than double to $5 tn in few years

Finance Minister Arun Jaitley has said today that the Indian economy will more than double to $5 trillion in a "matter of few years".

The reforms will not just help India retain the fastest growing large economy tag but also help it move towards becoming "a more developed economy", he said.

"With India's GDP poised to grow at a much faster pace, for every few years we are going to add $1 trillion to our economy. We are currently $2 trillion economy. It's only a matter of few years that we will jump from $2 to 3 to 5 trillion which only indicates the kind of expansion which the economy is going to take place," he said.


Speaking at the India Investment Promotion Seminar organized by CII and DIPP, he said it is easier to grow when the world is growing at a faster pace.

"But when the global environment is unsupportive and at times obstructive, where shrinkage of trade is taking place, that is the real test because they say when the going is good everybody is at best. When the going is challenging then to defy the odds, and counter the trends is a real challenge," he said.

India is currently the fastest growing economy is last two years. Jaitley said consumer spending and urban demand have moved up and slowly rural demand also is struggling up.

"This in turn will have a spiral effect in coming years on India's private sector which also has been waiting for opportune moment to become a little more aggressive," he said.

Image credit: Indiatimes