Sanjeev Sanyal, Principal Economic Advisor to the Government of India has said that India's economy will become the third largest economy in the world by the end of this decade.

In an interview with The Hitavada, Sanyal shared his observations of the prevailing situation and also his ideas for making India economically even stronger.

Elaborating on his statement that India would be the third largest economy in the world by the end of this decade, he said that India intended to become even larger part of the world economy during the 'Amrit Kaal' (25-year period from 75th anniversary to centenary of India's Independence).

He told The Hitavada that catching up with China and US will take some time.

"But, during this period, we need to carry out major reforms in two sectors -- Legal and Administrative", he stressed.

According to him, legal sector reforms are needed because enforcement of contracts is the 'single biggest failure in our economic system today', and this needs to be solved.

With regard to administrative reforms, he said that the current administrative framework was created for controlling the population and not for service delivery.