xIndia is set to overtake the United Kingdom and France to become the world’s fifth largest economy next year, a report said Tuesday.
Currently ranked seventh, India will move up to fifth place in 2018 and vault to third spot by 2032, the Centre for Economics and Business Research, a London-based consultancy, said in its annual rankings.
The Indian economy hit a three-year low in the first quarter of the current financial year, after Prime Minister Narendra Modi’s snap decision in November 2016 to scrap high-value banknotes and following a tax overhaul.
Growth slumped to 5.7% for the three months ending June but recovered slightly to 6.3% for the quarter ending September.
The world’s growth will be dominated by Asian economies, including India, China and Japan.
The United States, the world’s largest economy, will be overtaken by China in 2030, the report forecast; adding India would take that spot “at some time in the second half of this century”.
AFP
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