New Delhi, Apr 6 : Due to effective governance and firm handling of economic affairs, a "new India has emerged" in last few years, Union Finance Minister Arun Jaitley said here on Saturday and maintained that guided by higher investment, the country is set to become the third largest economy in the world by 2030.
"....the sheer size and opportunities is going to expand. You see an exponential growth and that is because of huge aspirations of those who come from a less privileged background. Once they improve their quality of life they aspire to be at a higher level. We keep oscillating between fifth and the sixth largest economy, depending on the dollar rate. As we look at the years ahead, we would be USD 5 trillion by 2024 and USD 10 trillion by 2030," Mr Jaitley said addressing students of the Shri Ram College of Commerce here.
"That's when we will be amongst first three - US, China and India and then of course, we would in the rat race of the big three wanting to catch up with much mightier competitors," he said. The Finance Minister said, "Today our Indian economy is oscillating between 5th and 6th largest, depending upon what the dollar rate is. In 2011, the census showed that India had 21.9 percent of its population below the poverty level and I am assuming that it should be approx 17-18% now".
Mr Jaitley said, once the poorer people improve their quality of life they aspire to be at a higher level. In this context, he said, "Till about 18-20 years ago, we had no concept that we needed global infrastructure. Till about early nineties our entire emphasis was how we would develop our own technology. The benefit of technology is that the whole world is connected now''. Underlining that there is a need for a global perspective, in a globally connected economic order, a new India has emerged that the world can no longer ignore. "It is a young and aspirational India that wanted to excel in all fields of work,” he said.
On this backdrop, he underlined that going by the data, the size of India middle class would be four times the size of BPL when 2024 general elections takes place and therefore "we have to see whether public discourse is still behind the curve or it takes the curve further". (UNI)