New Delhi, Jan 30 (IANS): The government Friday said that the Indian economy has the potential to become a $4-5 trillion economy in the next 10-12 years.

According to Minister of State for Finance Jayant Sinha, the time was right to invest in India, as it is one of the best places to create wealth.

"It's great time to invest in India. We are going to take India's $2 trillion economy to $4-5 trillion economy in the next 10-12 years," Sinha said at an event here.

The event was organised by the Indian Private and Venture Capital Association (IVCA).

Sinha pointed out that the government wants to develop Mumbai as a global financial centre.

"Why can't India become an international financial centre like Singapore and London? We want to make Mumbai an international financial centre," Sinha said.

The minister assured foreign investors that tax issues will be addressed appropriately in the next budget and that the country was committed to facilitating the entry of foreign capital.