India has potential to be among top three economies of the world in the next 10-20 years, according to Arun Jaitley, Union Minister of Finance and Corporate Affairs. This year, by sheer size, we have overtaken France. Next year, we expect to overtake the size of the Britain's economy and will become the 5th largest economy in the world, he noted while inaugurating the new office building of Competition Commission of India (CCI) in Delhi. Other economies in the world are growing at much lesser rate and India has the potential to be among top three economies of the world in the next 10-20 years, Jaitley added.
While speaking on the role of CCI in the fast growing Indian economy, Jaitley said, India can already see the ripples of a consumption economy in India. The exponential growth taking place in several sectors will lead to large number of domestic and international players. That size of economy is going to expand and some will not comply with fair market regulation, indulge in cartelisation, have vertical or horizontal tie ups, abuse dominant position to impact prices or dilute competition. Therefore, the regulatory mechanism to regulate all the Mergers & Acquisitions would be required. These changes to be extremely large and the impact on markets is going to be very large.
Jaitely focused on the growth potential of eastern region of India while speaking on the growth pattern pan-India. He noted that over the next 10-20 years, we still have a lot of avenues for pushing up our growth. India has seen growth more in the north, south and western parts of the country. The eastern side has to still grow faster. We are expecting to see growth there.
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