Asean
ASEAN India Business and Investment and Expo, New Delhi. PIB

Finance Minister Arun Jaitley expressed confidence about the country's economic potential during his valedictory session of ASEAN-India Business and Investment Meet and Expo in New Delhi on Tuesday.

"We have moved from the seventh to the fifth largest economy. Unquestionably in the next 25 years India would perhaps be the largest economy," he said at the ASEAN-India Business and Investment Meet.

Representatives from Brunei, Cambodia, Indonesia, Thailand, Vietnam Myanmar and the Philippines were at the meet which was co-organised by industry body CII as a run-up to the Republic Day celebrations. Heads of state from the ASEAN countries are scheduled to participate in the celebrations.

The inaugural session covered discussions on strengthening India's economic relations with the countries in the East with both sides aiming to scale up bilateral trade and investment in the region.

Also Read: Changi Airport passengers may have to shell out extra $10 to $15

The 10-member Association of Southeast Asian Nations or ASEAN has invested $70 billion in India since 2000 whereas India has invested close to $40 billion in ASEAN in the last 17 years.

With India becoming one of the fastest growing economies in the world, Jaitley said that the economy has demonstrated the capacity to grow even in difficult conditions.

Jaitley's comments come a day after the International Monetary Fund pegged India's economic growth at 7.4 percent for 2018, making it the fastest growing economy in the world.