{"id":47405,"date":"2014-02-17T11:15:26","date_gmt":"2014-02-17T09:15:26","guid":{"rendered":"http:\/\/www.nationalturk.com\/en\/?p=47405"},"modified":"2014-02-17T11:15:26","modified_gmt":"2014-02-17T09:15:26","slug":"indian-economy-to-be-worlds-third-largest-by-2043-indian-fm-47405","status":"publish","type":"post","link":"https:\/\/www.nationalturk.com\/en\/indian-economy-to-be-worlds-third-largest-by-2043-indian-fm-47405\/","title":{"rendered":"Indian economy to be world\u2019s third largest by 2043: Indian FM"},"content":{"rendered":"
\"Indian
Indian Finance Minister P Chidambaram. File Pic<\/figcaption><\/figure>\n

Indian Finance Minister P Chidambaram has predicted that Indian economy will be the third largest of the world by 2043.<\/h1>\n

New Delhi, Feb 17\/Nationalturk \u2013 Indian Finance Minister P Chidambaram, who presented interim budget in Indian parliament on Monday, predicted that Indian economy will be the third largest of the world by 2043.<\/p>\n

\u201cIn the next three decades, India will become the third largest economy behind United States and China.\u00a0\u00a0\u00a0 The fortunes of China and India will have a significant impact on rest of the world. Therefore, Indian Government must be responsible not only to itself\u00a0 but to the whole world by\u00a0 keeping the country\u2019s\u00a0 economy in robust health,\u201d Chidambaram said.<\/p>\n

Maintaining that Congress-led government in India has a clear vision of the goals that have been set for itself, he said 10 tasks have been fixed by his government to achieve the goal to be third economic power of the world.<\/p>\n

Indian FM favours fiscal consolidation<\/h2>\n

Referring to fiscal consolidation, Chidambaram said, \u201cA target of fiscal deficit of 3 percent of GDP must be achieved by 2016-17\u00a0 and must always be kept below that level. The fiscal deficit for 2013-14 will be contained at 4.6 per cent of GDP.\u201d<\/p>\n

He said the Current Account Deficit (CAD), that threatened to exceed last year\u2019s CAD of USD 88 billion, will be contained at USD 45 billion. \u201cAbout USD 15 billion is expected to be added to the foreign exchange reserves by the end of the financial year 2013-14.\u201d<\/p>\n

He said since the economy will run a Current Account Deficit every year for some more years, it can be financed only by foreign investment, whether it is FDI or FII or ECB or any other kind of foreign inflow. Therefore, foreign investment must be encouraged.<\/p>\n

\u2018Price stability and growth important\u2019<\/h3>\n

Stressing for price stability and growth, Indian Finance Minister said, \u201cIn a developing economy where the aim is high growth, a moderate level of inflation will have to be accepted.\u00a0 RBI (India\u2019s central bank) must strike a balance between price stability and growth while formulating monetary policy.\u201d<\/p>\n

He also called for reforms in financial sector:\u00a0\u00a0 \u201cBesides, the country must rebuild its infrastructure and add a huge quantity of new infrastructure.\u00a0 Every proven model must be adopted but the\u00a0 Private-Public Partnership (PPP) model must be more widely used.\u00a0 New financing structures must be created for long term funds and pooling of investments.\u201d<\/p>\n

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Asia News<\/b>\/ NationalTurk India News<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Indian Finance Minister P Chidambaram has predicted that Indian economy will be the third largest of the world by 2043.<\/p>\n","protected":false},"author":732,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30,80,68,63,51,1,118,101,14],"tags":[53727,2381,64981,18178,33531,58069,64984,64982,64983,64985,58699,2546,18139,44191,8274,45553,64978,3726,64980,64979,1133],"class_list":["post-47405","post","type-post","status-publish","format-standard","hentry","category-asia","category-breaking-news","category-business","category-daily","category-economy","category-general","category-hot","category-politics","category-world","tag-cad","tag-china","tag-congress-led-government","tag-current-account-deficit","tag-ecb","tag-fdi","tag-fii","tag-fiscal-consolidation","tag-fiscal-deficit","tag-foreign-inflow","tag-gdp","tag-india","tag-indian-economy","tag-indian-finance-minister","tag-indian-government","tag-indian-parliament","tag-interim-budget","tag-p-chidambaram","tag-robust-health","tag-third-largest-economy","tag-united-states"],"_links":{"self":[{"href":"https:\/\/www.nationalturk.com\/en\/wp-json\/wp\/v2\/posts\/47405","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nationalturk.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nationalturk.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nationalturk.com\/en\/wp-json\/wp\/v2\/users\/732"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nationalturk.com\/en\/wp-json\/wp\/v2\/comments?post=47405"}],"version-history":[{"count":0,"href":"https:\/\/www.nationalturk.com\/en\/wp-json\/wp\/v2\/posts\/47405\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.nationalturk.com\/en\/wp-json\/wp\/v2\/media?parent=47405"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationalturk.com\/en\/wp-json\/wp\/v2\/categories?post=47405"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationalturk.com\/en\/wp-json\/wp\/v2\/tags?post=47405"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}