Minister of State for Finance Jayant Sinha has said that if 7 percent growth rate sustains for next 10 years, the size of the Indian economy will more than double to $5 trillion. India is going to go from $2 trillion economy to $4 trillion economy and further $5 trillion economy, if the rupee strengthens. He said “That’s going to happen; we just have to keep doing what we are doing.”
Sinha further added that “About $4 trillion GDP per capita will roughly double to $3,500 from about $1,600 per capita at present. At $3,500, the country is solidly middle income”.
Commenting on the fiscal deficit target, Sinha said that we will meet the 3.9 percent target for current fiscal and 3.5 per cent for the next fiscal, adding that next year will be challenging because of implementation of the 7th Pay Commission and One Rank One Pension (OROP) and the two major factors viz agriculture and exports slowdown.
Highlighting key legislations, Sinha said that the government is ready and prepared to introduce the bankruptcy legislation. If indeed the government is able to bring in the bankruptcy legislation, it will be the second best relative to getting GST.