‘In­dia to be­come fifth largest econ­omy in 2018’

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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.

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