By 2040, India will be a super economic power, says Rajnath
VARANASI: Union home minister Rajnath Singh on Friday said India is progressing at a rapid speed and is poised to be world’s third largest economy in next 15 years and super economic power by 2040.
Singh was addressing the gathering at Micro Small and Medium Enterprises (MSMEs) support and outreach programme held at Deen Dayal Upadhyaya Trade Facilitation Centre here.
Insisting that India is already the fastest growing economy, Singh said our economy left behind Japan recently to emerge as the sixth largest economy in the world.
“In next one year, the size of Indian economy will be bigger than that of United Kingdom (UK). While the size of the Indian economy at present is 2.5 trillion dollar, in another decade country it will be a five trillion dollar economy,” said Singh.
“India is also heading towards becoming super sporting power. Our youths have done well in the sports and all this has happened because of the good economy,” he said.
He said that India has taken a tremendous 23 points leap in ‘ease of doing’ business in world ranking.
“It has been ranked 77 in the ease of doing business by the World Bank. Four years back India was ranked 142th. Last year, it ranked 100,” said Singh while claiming that the government has done structural and procedural reforms to promote MSMEs.
In a veiled attack on the Congress, Singh said that fugitives like Mehul Choksi are an outcome of culture of political interference in providing loans to entrepreneurs.
He said there must be arrangement to end political interference in getting loans from the banks.
He said that since MSME sector can play a role in solving the unemployment problem, the government at the Centre has taken a number of steps to promote MSMEs and entrepreneurship.
He said Prime Minister Narendra Modi is continuously making efforts to provide better facilities to the sector.