‘India to become fifth largest economy in 2018’
India is set to become the world’s fifth largest economy next year, overtaking the United Kingdom and France, a report says.
Currently ranked seventh, India will move up to fifth place in 2018 and vault to third spot by 2032, according to London-based consultancy the Centre for Economics and Business Research in its annual rankings.
The country’s economy hit a three-year low in the first quarter of the current financial year, after the government’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.