Press Information Bureau

Government of India

Ministry of Finance

27-March-2012 18:30 IST

The share of different countries in world GDP based on purchasing power parity (PPP) in 2010 is as under:

Source: World Economic Outlook, database IMF.

As per news release dated 26^th December, 2011 of Centre for Economics and Business Research Ltd. London, United Kingdom, India will move from being the 9^th largest economy in 2010 to become the 5^th largest economy by 2020.

The Approach Paper to the Twelfth Five Year Plan (2012-17) proposes a faster, more inclusive and sustainable growth with a target of 9 per cent increase in GDP.  The key requirements for achieving the goal are better performance in agriculture (at least 4 per cent growth), faster creation of jobs in manufacturing, development of appropriate infrastructural facilities, strong efforts at health, education and skill development, improving the implementation of flagship programmes and focus on backward region and vulnerable groups.  In this connection, certain specific measures taken by government inter alia, include enhancing higher level of investment for agriculture sector including irrigation projects, promoting Micro Small & Medium Enterprises (MSME) sector by way of higher allocation of funds, enhancing investment in the infrastructure sector focusing on Public Private Partnership and a number of legislative measures to develop the financial sector etc.  

This information was given by the Minister of State for Finance, Shri   Namo Narain   Meena in written reply to a question in Rajya  Sabha today. 

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DSM/SS/Hb

Economic growth target under the Twelfth Plan focuses on agriculture, manufacturing, infrastructure and social-sector reforms to boost GDP. The government sets a higher GDP growth target under the Twelfth Five Year Plan, prioritising agricultural investment including irrigation, job creation in manufacturing, infrastructure expansion via Public Private Partnerships, and social sector measures-health, education and skills-alongside support for MSMEs and financial sector reforms to enable faster, inclusive and sustainable economic growth.