{"id":313881,"date":"2019-07-05T09:53:12","date_gmt":"2019-07-05T09:53:12","guid":{"rendered":"http:\/\/tehelka.com\/?p=313881"},"modified":"2019-07-05T09:53:12","modified_gmt":"2019-07-05T09:53:12","slug":"india-to-become-a-3-trillion-dollar-economy-this-year-and-a-5-trillion-dollar-economy-by-2024-25-finance-minister","status":"publish","type":"post","link":"https:\/\/tehelka.com\/india-to-become-a-3-trillion-dollar-economy-this-year-and-a-5-trillion-dollar-economy-by-2024-25-finance-minister\/","title":{"rendered":"India to become a 3 trillion Dollar Economy this year and a 5 trillion Dollar Economy by 2024-25: Finance Minister"},"content":{"rendered":"

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\u201cIndian economy will become a 3 trillion-dollar economy in the current year and is on the path of achieving the Prime Minister\u2019s vision of a 5 trillion dollar economy by 2024-25\u201d, said Union Finance Minister Nirmala Sitharaman, while presenting the Union Budget 2019-20 in Parliament on Friday.<\/span><\/p>\n

It took over 55 years for the Indian economy to reach 1 trillion dollar and in the last 5 years, the government has added 1 trillion dollar to reach about 2.7 trillion dollar. India is now the sixth largest economy in the world, up from 11th\u00a0position five years ago, she added.<\/span><\/p>\n

\u00a0Beginning her speech on a high note, the Finance Minister termed the recently concluded General Election as an election charged with brimming hope and desire among the citizens of the country for a\u00a0bright and stable New India. These elections were a stamp of their approval of a performing Government, a Government whose signature was in the last mile delivery, Sitharaman added.<\/span><\/p>\n

The Finance Minister stated that between 2014-19, the Government provided a rejuvenated Centre-State dynamic, cooperative federalism, GST Council, a strident commitment to fiscal discipline and set the ball rolling for a New India, planned and assisted by the NITI Aayog. In the last five years, the Government initiated many big reforms in particular, in indirect taxation, bankruptcy, real estate and those in the social sector improving common man\u2019s life. She added that the last mile delivery stood out and the unknown citizen in the nooks of our country stood out with evidence. The Government has shown by its deeds that the principle of\u00a0\u201cReform, Perform, Transform\u201d\u00a0can succeed.<\/span><\/p>\n

Setting pace for the vision for India in the next decade, the Finance Minister stated that mega programmes and services which were initiated and delivered during the last 5 years will now be further accelerated. The Government plans to\u00a0simplify procedures, incentivize performance, reduce red-tape and make the best use of technology\u00a0to achieve the desired goals. \u201cGone are the days of policy paralysis and license-quota-control regimes. India Inc. are India\u2019s job-creators. They are the nation\u2019s wealth-creators\u201d, she said while emphasizing the substantial role of India\u2019s private industry in growing our economy.<\/span><\/p>\n

Citing its genesis in the Interim Budget 2019-20 presented in February 2019, the Finance Minister flagged ten points of the Government\u2019s\u00a0\u2018Vision for the Decade\u2019:<\/span><\/p>\n