APD | India: Minister says poverty to reduce by 10% by 2030

By APD writer Rishika Chauhan

New Delhi, April 8 (APD) - Speaking to students on Saturday, Union finance minister Arun Jaitley said that by 2030 poverty will reduce in India by 10 percent and its economy will be among the three biggest in the world.

Speaking at the annual day of Shri Ram College of Commerce in New Delhi, Jaitley said, “Today, our total economy is about $2.9 trillion and we keep oscillating between the 5th and 6th largest, depending upon what the dollar rate is.” 

He further said that India’s economy is expected to “be $5 trillion by 2024 and $10 trillion by 2030 or 2031.”

Jaitley explained, “That’s when we will be among first three-US, China and India and then, 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.”

The minister also said that the middle class population was bound to increase in India in the next few years, stressing that by 2030 nearly half of the country’s population would be middle-class.

He explained that the increase in the number of middle class would bring a boost in consumption, which would be aided by infrastructure creation resulting into an accelerated growth.

(ASIA PACIFIC DAILY)