India to be a USD 4-5 trillion economy in 10-12 years, says Jayant Sinha

Stating its great time to invest in India, Minister of State for Finance Jayant Sinha has said the Indian economy has potential to become a $4-5 trillion economy in the next 10-12 years.

"You might not find a better opportunity to create wealth. It's great time to invest in India...We are going to take India's $2 trillion economy to $4-5 trillion economy in the next 10-12 years," Sinha said on Friday at an event organised by the Indian Private and Venture Capital Association (IVCA) in the national capital.

Sinha, who was Managing Director of Omidyar Network India Advisors, said the rupee has strong tailwinds with firm capital inflows and its great time for investing in the country.

He also assured foreign investors that tax issues will be addressed appropriately in the next budget and India was committed to welcoming foreign investment.

The minister further said the government wants to develop Mumbai as a major international finance centre. "Why can't India become a international financial centre like Singapore and London? We want to make Mumbai an international financial centre."

Emphasising that Prime Minister Narendra Modi's government's core economic philosophy is empowerment not entitlement, Sinha shared how 99.74 per cent of Indian households have bank accounts now.