India to become USD 5 trillion economy in 5 yrs, USD 10 trillion in 8 yrs: Goyal

India is the fastest-growing major economy in the world and that the GDP growth in the past 5 years.

 New Delhi: Finance Minister Piyush Goyal on Friday said the country is poised to become a USD 5-trillion economy in the next five years and aspires to become a USD 10-trillion economy in the next 8 years thereafter.

Presenting the Budget 2019-20 in the Lok Sabha, Goyal also said the past five years of Prime Minister Narendra Modi-led government have witnessed a wave of next-generation structural reforms, which have set the stage for decades of high growth.

"We are poised to become a 5-trillion dollar economy in the next five years and aspire to become a 10-trillion dollar economy in the next 8 years thereafter," Goyal said.

Stating that India is solidly back on track and marching towards growth and prosperity, he said the last five years have seen India being universally recognised as a bright spot of the global economy.

"The country witnessed its best phase of macro-economic stability during this period," Goyal said.

He further said India is the fastest-growing major economy in the world and that the GDP growth in the past 5 years had been higher than under any previous governments.

"From being the 11th largest economy in the world in 2013-14, we are today the 6th largest in the world," he said, adding that besides generating high growth rate, the government contained double-digit inflation and restored fiscal balance.