India is on way to become 5th largest economy of world: Jaitley

Finance minister Arun Jaitley on Thursday said that India is expected to register a growth rate of 7.2 to 7.5 per cent in the second half of the current fiscal and is on way to becoming the fifth largest economy of the world.
While unveiling the budget 2018-19, he said that India has grown on an average of 7.5 per cent in the first three years of the current government and has become a USD 2.5 trillion economy.
“We hope to grow at 7.2 to 7.5 per cent in the second half of the current fiscal,” Jaitley said in Lok Sabha.
India has already become seventh largest economy in the world, he said, adding that it is expected to become fifth largest economy soon.
As per the Central Statistics Office’s estimate, Indian economy is expected to grow at 6.5 per cent in the current fiscal, ending 31 March.
For 2018-19, the economy is likely to grow at 7 to 7.5 per cent as per the Economic Survey tabled in Parliament earlier this week.
GDP growth in the first quarter of 2017-18 had moderated to 5.7 per cent, the lowest in three years. In the second quarter, it recovered to 6.3 per cent.