India to become fifth largest economy next year: Jaitley
New Delhi, Aug 30 : India is on track to surpass Britain next year to become the fifth largest economy in the world and to emerge among the "big three" global economies by 2040, Finance Minister Arun Jaitley said on Thursday.
He said while India's per capita income may still be modest, but the size of the economy was very large and growing at a fast pace.
"This year, in shear size, we have overtaken France. Next year, we're likely to overtake Britain. And therefore we will be the fifth largest (economy in the world)," Jaitley said at the inauguration of the new building of Competition Commission of India.
The Minister said that other economies in the world were growing at a rate much slower than India's.
"It won't take a very long time to overtake those economies which are growing at 1 to 1.5 per cent if we grow at 7 to 8 per cent on an average. And if you look at 2030 or 2040, we are unquestionably going to be - as world projections are - among the big three in size," he said.
Jaitley added that India still had a lot of avenues for pushing up growth over the next 10 to 20 years.
"For instance, growth is more in the north, south and the western parts of the country. The eastern side still has to grow faster. That's an area where we will see growth. Women employment is an area where we will see their contribution coming into the growth process."
The Minister added that as the market and the economic activity expand, the role of the Competition Commission of India would also expand.
"Our population is large, our consumer base is large, the size of the economy and its potential is going to be large, and hence the market is also going to be very large. And if the market is large, we will certainly have aberrations in the market, and therefore the need for you to step in is also going to be there," he said.
"So over the next 10 to 20 years, your role is going to expand."
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Karnataka CM Siddaramaiah accuses EC of ‘bias’, defends state guarantee schemes ahead of bypolls
Bengaluru (PTI): Karnataka Chief Minister Siddaramaiah has accused the EC of "double standards" and "bias" after it sought details on the state’s guarantee schemes in Davanagere and Bagalkot districts, where bypolls are scheduled for Thursday.
In a post on 'X' on Wednesday, Siddaramaiah said the Election Commission of India had asked the Karnataka government for information on fund releases under five ongoing guarantee schemes in the constituencies going to polls.
The polls were necessitated following the deaths of senior Congress MLAs Shamanur Shivashankarappa and H Y Meti, respectively.
The schemes are Gruha Jyothi, which provides 200 units of free electricity to every household; Gruha Lakshmi, offering Rs 2,000 to women heading families; and Anna Bhagya, supplying 10 kg of rice per month to each member of BPL families.
In addition, Yuva Nidhi grants Rs 3,000 to unemployed graduates and Rs 1,500 to unemployed diploma holders aged 18–25 for two years, while Shakti enables women to travel free of charge within Karnataka on government non-luxury buses.
Siddaramaiah alleged that the ECI had remained silent when similar cash transfer schemes were announced in Maharashtra and Bihar ahead of elections, calling the scrutiny of Karnataka’s schemes a "clear case of bias".
"In states like Maharashtra and Bihar, cash transfer schemes were announced or fast-tracked just before elections, directly benefiting voters. Yet the ECI remained silent. This is not neutrality—it is complicity," he said.
The CM accused the BJP and NDA governments of "a double standard", noting that when they act, the ECI "looks the other way", but when Karnataka fulfils its promises, it faces "intense scrutiny".
He added that targeting the state’s guarantee schemes is "not just political but anti-poor, anti-women, and anti-Karnataka."
Siddaramaiah clarified that these schemes were not launched in connection with the bypolls but are ongoing programmes implemented as part of the Congress government’s commitments from the 2023 Assembly elections.
Funds are transferred regularly to beneficiaries in a transparent and structured manner, he added.
"The guarantees are part of governance—a direct investment in human dignity, household stability, and economic participation, not inducement," he said.
He also accused the BJP of "hypocrisy", saying that while it criticises Karnataka’s schemes as "freebies", it rolls out similar programmes in states it governs.
"The Karnataka model has set a benchmark for the country. What is deeply concerning, however, is the ECI’s selective approach," Siddaramaiah added.
