India could climb up to be 5th largest economy next year: Arun Jaitley
India could soon emerge as the world’s fifth largest economy if it continues to maintain its current pace of growth, according to Finance Minister Arun Jaitley.
“If we continue to grow at our current pace, we may end up at the 5th position from 6th by the time we get data next year,” Mr Jaitley said recently. India became the world's sixth-biggest economy, pushing France into seventh place, according to updated World Bank figures for 2017. India's gross domestic product (GDP) amounted to $2.597 trilllion at the end of last year, against $2.582 trillion for France.
Though Ease of Doing Business has improved India would do well only after it manages to eliminate poverty, attract more investments in agriculture, meet the aspirations of the middle class, Jaitley said. The challenge now is to maintain 7 to 8% growth amid global imbalances arising out of rising crude prices and trade wars.