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 MLC Nazir Ahmed visits Ajman Ruler’s Court, Thumbay Medicity
Ajman, UAE: Karnataka Legislative Council member and Political Secretary to the Chief Minister, Nazir Ahmed, visited the Ajman Ruler’s Court and Thumbay Medicity, strengthening ties between Karnataka and the UAE.
At the Ruler’s Court, Ahmed met Sheikh Dr. Majid bin Saeed Al Nuaimi, Chairman of the Ruler’s Court, to discuss avenues for collaboration in healthcare, education, and research. He extended an invitation to Sheikh Majid to visit Bengaluru and proposed a future delegation of high-level officials from Karnataka to Ajman and Thumbay Medicity.
As part of the visit, Ahmed toured Thumbay Medicity’s state-of-the-art healthcare, medical education, and research facilities. Praising the institution’s achievements, he described it as a global hub for healthcare excellence.
Commending the efforts of Dr. Thumbay Moideen, founder and president of Thumbay Group, Ahmed acknowledged his role in establishing Thumbay Medicity as a leader in the field. “It is a matter of immense pride to witness Dr. Thumbay’s remarkable progress and the iconic achievements of Thumbay Medicity,” he said.
Dr. Thumbay expressed gratitude for the visit, emphasizing the importance of collaborations that benefit both the UAE and India. “This visit marks a significant milestone in strengthening our shared vision for excellence in healthcare and education,” he stated.
Thumbay Medicity in Ajman is known for its advanced healthcare services, cutting-edge medical education, and pioneering research. It continues to gain global recognition as a model for integrated healthcare and education.
