India to be $3 trillion economy by FY20, says Sitharaman

New Delhi: India will be a $3 trillion economy in 2019-20, said finance minister Nirmala Sitharaman while presenting her maiden Union Budget on Friday.

“Our economy was $1.85 trillion when we assumed power (in 2014) and it reached $2.7 trillion (in five years since),” said Sitharaman while outlining her government’s commitment to make India a $5 trillion economy by 2024.

However, she added India would need investment in infrastructure, digital economy and job creation in small and medium enterprises to achieve the government's vision of $5 trillion economy.

"I am confident we will achieve our goals. With determined human effort, the task must be completed," Sitharaman added.

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

The Indian economy grew at 6.8%, a five-year low, in 2018-19 and fourth quarter growth slumped to 5.8% which was a 17-quarter low.

Prime Minister Narendra Modi, who returned to a second term in office in May, has urged states to work together to tackle socio-economic problems, and make India a $5-trillion economy by 2024, which he said was a "challenging, but achievable" goal.

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