India to become USD 5-tn economy in 5 yrs, USD 10 tn in 8 yrs thereafter: FM
Finance Minister Piyush Goyal on Friday said the country is poised to become a USD 5-trillion economy in the next five years and aspires to become a USD 10-trillion economy in the next 8 years thereafter. Presenting the Budget 2019-20 in the Lok Sabha, Goyal also said the past five years of Prime Minister Narendra Modi-led government have witnessed a wave of next-generation structural reforms, which have set the stage for decades of high growth.
"We are poised to become a 5-trillion dollar economy in the next five years and aspire to become a 10-trillion dollar economy in the next 8 years thereafter," Goyal said. Stating that India is solidly back on track and marching towards growth and prosperity, he said the last five years have seen India being universally recognised as a bright spot of the global economy.
"The country witnessed its best phase of macro-economic stability during this period," Goyal said. He further said India is the fastest-growing major economy in the world and that the GDP growth in the past 5 years had been higher than under any previous governments.
"From being the 11th largest economy in the world in 2013-14, we are today the 6th largest in the world," he said, adding that besides generating high growth rate, the government contained double-digit inflation and restored fiscal balance.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
ALSO READ
Government supports 10th Crankworx Rotorua from 16-24 March 2024
PM Modi has vision to make India a developed country: Amit Shah
UN experts welcome Côte d’Ivoire's efforts to unite country towards social cohesion and prosperity
Belarussian FM, Union minister Piyush Goyal highlight need to create awareness on business opportunities in two countries
Assam CM announces 4 pc hike in Dearness Allowance for state government employees