India to become 5 trillion dollar economy by 2024: Union Minister Hardeep Singh Puri

India is set to become a five trillion dollar economy by 2024 and is likely to overtake the UK this year to become the fifth largest economy in the world, Union Minister Hardeep Singh Puri said Friday. The Union minister for housing and urban affairs was speaking at the national council meeting of the Confederation of Indian Industries (CII).

"We are a 2.8 trillion dollar economy. We are moving from this to 3 trillion dollar economy and 5 trillion dollar economy by the time the next elections take place.

"This year we are likely to overtake the UK to become the fifth largest economy in the world. I have absolutely not doubt that by 2030 we''ll be a 10 trillion dollar economy," Mr Puri said.

Mr Puri, who also holds the portfolio of civil aviation, said this sector has tremendous potential to grow.

"The civil aviation sector has tremendous potential to grow. We need to provide domestic carriers a level playing field and make sure we reclaim the lost space," he said.

In the urban space, he said the Narendra Modi government has spent Rs. 9,60,000 crores in four years since June 2015, while the expenditure incurred by the Congress-led UPA government had in 10 years (from 2004-14) spent Rs. 150,000 crores.

Read: India To Become Trillion Dollar Digital Economy In Coming Years: Ravi Shankar Prasad

"Before the code of conduct kicked in, we sanctioned 83 lakh homes. The construction technologies will slowly reach global standards. Regarding the Smart Cities project, by the end of December this year, there will be 50 independent command and control centres, out of 100 required ones. There are 16 operational now.

"Use of technology to create smart cities and ease of living, all that is work in progress. The smart cities project is the fastest implemented project anywhere in the world," the minister said.

Mr Puri said the government is setting the agenda for the first 100 days.

"I won't make any announcements as the government is under the process of setting the agenda for the first 100 days. The announcements will be made in the coming days and I am sure they will draw up on solid support of trade and industries which is crucial for the success of government program," he said.

Read: This Picture Of The Upcoming M&M Facility In Pune Is A Testament To Anand Mahindra's Faith In The Indian Economy. Here's What He Wrote