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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Cong leader Prithviraj Chavan defiant after facing verbal missiles on Op Sindoor remarks
Mumbai (PTI): Despite facing criticism, senior Congress leader Prithviraj Chavan on Wednesday stood by his controversial comments that India faced a "total defeat" in aerial fight with Pakistan on the first day of Operation Sindoor on May 7.
The former Union minister refused to apologise for his comments on the Indian military operation against terror hubs in Pakistan and PoK in aftermath of massacre of tourists at Pahalgam in Jammu and Kashmir in April.
Talking to reporters in Pune on Tuesday, Chavan claimed India faced a "total defeat in the aerial fight (with Pakistan) on May 7 which lasted for half-an-hour".
"One may believe this or not. After that the Indian Air Force got grounded and not a single aircraft took flight that day.... be it Gwalior, Bhatinda or Sirsa, there was a possibility of aircraft being shot down, so our complete Air Force was grounded," the former Maharashtra chief minister had said.
Hitting out at Chavan, Maharashtra Deputy Chief Minister Eknath Shinde accused the Congress of speaking the language of Pakistan. He said questioning the military action was akin to demoralising the morale of armed forces.
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"The criticism does not stem from the love of the nation, but love for Pakistan," said the chief leader of the Shiv Sena, a key constituent of the BJP-led NDA.
Chavan, however, remained defiant.
"There is no question of apologising. The Constitution has given me the right to ask questions," the Congress veteran asserted.
Chavan also questioned the need of having a 12-lakh strong Army when future wars will be about aerial combats and missiles. "During Operation Sindoor we saw that there was no movement of the Army even for a kilometre," he had said.
BJP Lok Sabha MP and spokesperson Sambit Patra said Chavan's remarks are loaded with sedition.
"He (Chavan) has refused to apologise. The Indian armed forces struck 100 kms inside the Pakistan territory and destroyed 11 air strips (of the Pakistani Air Force). He made remarks that the Indian Army did not even move an inch (during the military operation). This is nothing but a statement full of sedition, a statement of a traitor," Patra said, lashing out at the Congress leader.
The BJP spokesperson maintained the Congress appears to be standing with Chavan and alleged the Opposition party is playing into foreign hands.
Congress leaders Sonia Gandhi and Priyanka Gandhi Vadra should apologise for it, he added.
Union minister Giriraj Singh of the BJP insisted it was not right to devalue the valour of Indian armed forces.
Samajwadi Party MP Virendra Singh suggested that wherever armed forces are concerned, every Indian should be mindful of statements they make and ensure their comments do not demoralise the military.
Operation Sindoor was a result of "mistakes of politicians", he claimed.
TDP MP Krishna Devraylu said after the poll defeat in Bihar, the Congress is rattled and their leaders have been talking absurdly.
"Chavan's remarks are a prime example of this. This kind of disrespect to our armed forces is not necessary. If the Congress is angry with the NDA, it should show it in a different way and not drag armed forces into it," Devraylu opined.
AAP MP Ashok Mittal said such statements should not be made by any senior politician, especially by someone who has been a former chief minister.
The Indian armed forces registered a strong victory and destroyed terror launchpads in Pakistan during Operation Sindoor, Mittal added.
