India needs structural reforms to get $5 trn economy: FM in Budget 2019

FM Nirmala Sitharaman said in the current year, India's economy will grow to become $3 trillion economy, sixth largest in world

Finance Minister Nirmala Sitharaman on Friday said India needs to make structural reforms to achieve $5 trillion economy in the next few years.

Presenting the first Budget of the Modi government in its second term, she said the Indian economy, which stood at $1.85 trillion five years back, has reached $2.7 trillion now, and is within capacity to reach USD 5 trillion in the next few years.

She said the interim budget focused on 10-point vision to boost economy. In the current year, India's economy will grow to become $3 trillion economy, sixth largest in world.

"We need to invest in infrastructure, digital economy and job creation in small and medium enterprises," Sitharaman said.

 

She said that in terms of Purchasing Power Parity (PPP), India has become the third largest economy in the world after the US and China.

The minister emphasised the need for structural reforms for achieving $5 trillion economy.