Bengaluru, NFAPost: Finance Minister Nirmala Sitharaman on her maiden Budget speech on Friday said that the Indian economy will grow to become a $3 trillion dollar economy in the current year.
At present, India is the sixth largest in the world and in Purchasing Power Parity terms, the country is the third largest economy, next to China and the US.
While it took over 55 years for the Indian economy to reach $1 trillion, but in the last five years, we added $1 trillion. “Today we are nearing a $3 trillion level. So when we aspire to reach a $5 trillion level, many wonder if it is possible. If we can appreciate our citizens’ “purusharth” or their “goals of human pursuit” filled with their inherent desire to progress led by the dedicated leadership present in this House, the target is eminently achievable,” she pointed out.
India is the world’s third largest domestic aviation market, and the finance minister said it is critical to the development of a self-reliant aviation industry, creating aspirational jobs in aviation finance, besides leveraging the business opportunities available in India’s financial Special Economic Zones (SEZs), namely, International Financial Services Centre (IFSC). Government will implement the essential elements of the regulatory roadmap for making India a hub for such activities.