India can soon be fifth largest global economy: Jaitley

Mumbai, July 12 (IANS) India can become the worlds fifth largest economy soon if firm growth continues, Union Minister Arun Jaitley said on Thursday.

His comments came a day after the World Bank's latest rankings placed India as the world's sixth-largest financial system, ahead of France in seventh place. As per the World Financial Institution data for 2017, India's GDP amounted to $2.597 trillion as compared to $2.582 trillion for France. 

"India can become world's fifth largest economy if firm growth continues," Jaitley said in a video address at a National Bank for Agriculture and Rural Development (NABARD) event here. 

Noting that the economy is in a stable condition, he said there should be added focus on eliminating agrarian distress. 

In this connection, the recent move to hike the Minimum Support Price (MSP) for farmers will help eradicate farmer distress that was rampant last year, he said. 

The decision to extend the MSP is an enormous step to scale back the plight of farmers within the nation, he said. 

"NABARD has played a crucial role in shaping the agrarian sector." 

The NDA government is paying particular attention in improving the country's rural infrastructure, he added.