Budget 2019: Indian Economy To Reach $3tn In Current Fiscal, Says FM Sitharaman

"The Indian economy will grow to become a $3 trillion economy in the current year itself. It is now the sixth largest in the world. 5 years ago it was at the 11th position," she said.

Presenting her first Union Budget, Finance Minister Nirmala Sitharaman on Friday said that India will become a $3 trillion economy in the financial year 2019-2020.

New Delh: Presenting her first Union Budget, Finance Minister Nirmala Sitharaman on Friday said that India will become a $3 trillion economy in the financial year 2019-2020. She also said that many structural changes are needed for the country to become a $5 trillion economy, adding the target is eminently achievable. "The Indian economy will grow to become a $3 trillion economy in the current year itself. It is now the sixth largest in the world. 5 years ago it was at the 11th position," she said. She also added saying that heavy investment in infrastructure, digital economy and job creation are the plan for India to reach 5 trillion USD economy in coming years. "It took us over 55 years to reach $1 trillion dollar economy. But when the hearts are filled with hope, trust & aspiration, we in just 5 years, added $1 trillion," she added. The Economic Survey for 2018-19 released on Thursday also set out a vision for the country to reach the landmark level of $5 trillion economy by the year 2024-25. It said that to achieve that target India will have to grow at the rate of 8 per cent per year.

The Indian economy will grow to become a 3 trillion dollar economy this year itself: FM @nsitharaman https://t.co/iK5EWIia1b #BudgetForNewIndia #Budget2019

— PIB India (@PIB_India) July 5, 2019

Newly appointed Finance Minister outlined the priorities of Prime Minister Narendra Modi in his second term after a massive election victory. She said the people of India have validated their two goals for our country's future: national security and economic growth.

This is the 89th Union budget, which is the financial statement of the government, detailing its revenue and expenditure in the past, as well as estimated spending and projections for the coming year.