India to become 5th largest economy: FM
New Delhi, Feb. 1 (PTI): Finance Minister Arun Jaitley said on Thursday that India is expected to register a growth rate of 7.2-7.5 per cent in the second half of the current fiscal and is on its way to becoming the 5th largest economy of the world.
While unveiling the Budget for 2018-19, he said India has grown on an average of 7.5 per cent in the first three years of the current government and has become a US$ 2.5 trillion economy.
”We hope to grow at 7.2 to 7.5 per cent in the second half of the current fiscal,” Jaitley said in the Lok Sabha.
India has already become 7th largest economy of the world, he said, adding that it is expected to become 5th largest economy soon.
According to the CSO estimate Indian economy is expected to grow at 6.5 per cent in the current fiscal, ending March 31.
For 2018-19, the economy is likely to grow at 7-7.5 per cent according to the Economic Survey tabled in Parliament earlier this week.
Gross Domestic Product growth in first quarter of 2017-18 had moderated to 5.7 per cent, the lowest in the three years. In the second quarter, it recovered to 6.3 per cent.