Indian economy can be in top 3: Jaitley

Indian economy can be in top 3: Jaitley

Context

India will likely be among the top three economies in the world in the next 25 years, Finance Minister Arun Jaitley said on Tuesday, adding that India has shown an ability to grow during adversity.

‘Global integration has brought more resources’

• “India has moved from the seventh largest to the fifth largest economy,” Mr. Jaitley said, while delivering the valedictory speech at the ASEAN-India Business and Investment Meet.
• “The confidence of the new India is that it is getting more globally integrated and this opening out in terms of trade and investment has certainly brought not only additional resources but significantly improved upon India’s competitive strengths.”

Aspirational world

• The Finance Minister said countries such as Malaysia, Vietnam, Philippines, and Indonesia, were now significantly picking up and opening up to investment.
• “Therefore, India and the ASEAN represents the aspirational world,” Mr. Jaitley said. “This aspirational world houses two billion people and trade has the capacity to give a necessary impetus to the economy.”

Opportunity in India

• Mr Jaitley said that India offered a great opportunity for investment, especially in the infrastructure sector, since, he said, there was a large infrastructure deficit in the country.