India will be USD 5 trillion economy by 2022-25: Mukesh Ambani

NEW DELHI: Reliance Industries Chairman Mukesh Ambani today said that India would become USD 5 trillion economy by 2022-25.

A more optimistic ICICI Bank chairman K V Kamath said that India would be USD 5 trillion economy by 2022.

India, at present, is a USD 1.2 trillion dollar economy. Participating in a discussion organised at the meeting of the Institute of International Finance ( IIF) here, Ambani said, "India will be a USD 5 trillion economy by 2022-25 ... there can be a debate whether it would 2022 or 2025."

Citibank CEO Vikram Pandit, who was also a participant, underlined the need for expanding trade and commerce as it would help every one, especially the emerging economies.

He said that the financial crisis is behind but the imbalances that caused the financial crisis still need to be worked out.

Appreciating the Budget 2011-12, Ambani also said fiscal consolidation proposed in the Budget would lay the foundation of "strong growth".

Finance Minister Pranab Mukherjee in the Budget 2011-12 proposed to reduce fiscal deficit to 4.6 per cent of the GDP from 5.2 per cent in the current fiscal.