India Set to become $5 Trillion Economy in Next 5 Years: Piyush Goyal

Interim Finance Minister, Piyush Goyal told media that India is poised to become a USD 5-trillion economy in the next 5 years and wants to become a USD 10-trillion economy in the next 8 years thereafter. While presenting the Budget 2019-20 on 1^st February he said the past 5 years of PM Narendra Modi-led BJP government have seen a number of next-generation structural reforms that have set the stage for decades of high growth.

He said, "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”.

Mentioning that India is solidly back on track and going towards growth and prosperity, Goyal said the past 5 years have witnessed India being universally recognised as a bright spot of the global economy. He also said, "India witnessed its best phase of macro-economic stability during this period”.

The minister said our country is the fastest-growing major economy in the world and the GDP growth in the last 5 years had been higher than under any earlier governments.

"From being the 11^th largest economy in the world in 2013-14, today we are the 6^th largest in the world," Goyal said, adding that besides generating high growth rate, the Centre contained double-digit inflation and also restored fiscal balance.

Source - NDTV