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India to become third largest economy in world by 2030 with $10 trillion GDP: Jaitley

Expressing optimism over growth of Indian economy, Finance Minister Arun Jaitley has said the country is expected to become the third largest economy in the world by 2030 with Gross Domestic Product (GDP) touching $10 trillion, helped by consumption and investment growth. He added that GDP would be $5 trillion by 2024. Currently, the size of the Indian economy is about $2.9 trillion.

He said 'That's when we will be amongst first three - US, China and India and then of course, we would in the rat race of the big three wanting to catch up with much mightier competitors. So the sheer size and opportunities is going to expand.' Listing out avenues of growth for the next 20 years, he noted that infrastructure creation, rural expansion and gender parity, among others.

On the poverty of the country, he said the 2011 Census showed that 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%. He added that it should shrink to 15% by 2021 and further down to single digits by 2024-25. At the same time, the middle class population would increase to 44% from 29% in 2015. He said 'Therefore as you look ahead you would see poverty deplete, you will see an exponential growth of middle class and probably by 2030 almost half of India would be in that category (middle class)'.

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