India will be the third-largest economy by 2030: Jaitley

  1. Finance Minister has said that India is expected to become the third largest economy in the world by 2030 with Gross Domestic Product(GDP) touching USD 10 trillion.The growth will happen due to consumption and investment growth.
  2. Currently,the size of the Indian economy is about USD 2.9 trillion.Further, India oscillates between the fifth and the sixth largest economy depending on the dollar rate.
  3. Finance Minister has also claimed that the poverty rate will fall to less than 10% by 2025.He said that 2011 Census has showed 21.9% of India’s population lived below the poverty line (BPL) and with the present rate of growth this might have further reduced to 17% today.It should shrink to 15% by 2021 and further down to single digits by 2024-25.
  4. He also said that the percentage of people who comprise the middle class will rise from 18% in 2005 to 44% in 2025.The percentage will rise due to poverty depletion which will give rise to an exponential growth of middle class and probably by 2030 almost half of India would be in the middle class category.