India is now 5th largest economy in world: Sitharaman

New Delhi, Feb 1 (KNN) Union Finance Minister Nirmala Sitharaman on Saturday said that India is now 5th largest economy in the world.

''India is now 5th largest economy in world,'' she said in her Budget Speech in the Parliament.

While presenting her budget, she also said that Central government's debt has come down to 48.7 per cent in March 2019 from 52.2 per cent in March 2014 adding that budget is for boosting income, purchasing power of people. During 2014-19, governmentt brought paradigm shift in governance.

The Finance Minister also underlines the paradigm shift in governance, brought about by the government like Inflation well contained, Bank recapitalized and Steps taken for the formalization of economy.

GST was historic though its chief archtitect (Arun Jaitley) is not with us, which abolish numerous taxes, she said.

Commenting on Inspector raj, she asserted government has given more thrust to Micro Small aand Medium Enterprises (MSME) by vanishing inspector raj. India uplifted 271 million people out of poverty

Later, she also stated that India uplifted 271 million people out of poverty. This Budget has been woven around 3 prominent themes, aspirational India, economic development and caring society.