New York: Bullish on India story of development, BJP MP and former investment manager Jayant Sinha said the country has potential to become a USD 5 trillion economy and its stock market can generate USD 3 trillion of wealth in the next ten years.
Sinha, who was here at the India Investment Forum organised ahead of Prime Minister Narendra Modi's five-day visit to the US, said that India was determined to show to the world that there can be an 'India model of development' and it could be much better than the China model and those based on 'authoritarian powers'.
Son of former Finance Minister and senior BJP leader Yashwant Sinha, Jayant won Lok Sabha elections from Hazaribagh in Jharkhand state earlier this year and formerly he was Managing Director of Omidyar Network India Advisors.
He also served on the five-member global Executive Committee of Omdiyar Network, which is the world's leading impact investment firm with about USD 700 million in deployed capital. ON was founded by Pam and Pierre Omidyar (Founder and Chairperson, eBay).
Talking about his days before elections, Sinha said "not long ago I used to sit in such conferences as an investor and I'm privileged to talk to you today and I am grateful that my party, BJP, has given me an opportunity to present our economic policy on such platforms."
"I was often equated with Nandan Nilekani and Meera Sanyal when I was fighting elections during Lok Sabha polls. But I've always said that my story was different, as I was staying in the US earlier and I decided to contest from a place which was among the poorest in the country and was also naxal-infested," he said.
"In contrast, the other two fought from heavily urbanised places and both of them stayed for most part in India. The degree of difficulties I had to face was much more different, but as luck would have it, I won elections and other two lost.
"Even people got it wrong when they said Jayant Sinha was moving from Harvard (where he studied) to Hazaribagh. It was the other way round as I was born and brought up in Hazaribagh and went to Harvard from there."
Speaking on the topic of what India needs from the world and what the world can expect from India at the conference organised by the Institutional Investor Forums, Sinha said, "The Indian economy is today a USD 2-trillion economy and we have also grown at 7-8 per cent growth and we can double the economy to USD 4 trillion in ten years if we are able to regain that growth rate.
"Even rupee can go from Rs 60 level to become stronger and in US dollar terms we can become a USD 5-trillion economy in ten years.
"The market cap of India has also broadly been in the same ratio to the economy and the Indian market can also therefore go to USD 3 trillion in the next ten years and that too only for listed companies and the unlisted companies can add another trillion dollar," Sinha noted.
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