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India set to overtake France and UK to become world’s fifth largest economy

India set to overtake France and UK to become world's fifth largest economy

India set to overtake France and UK to become world’s fifth largest economy

Currently ranked seventh, India aims to move up to fifth place this year and vault to third spot by 2032, the Centre for Economics and Business Research, a London-based consultancy, said in its annual rankings. Despite temporary setbacks India’s economy has still caught up with that of France and the UK and in 2018 will have overtaken them both to become the world’s fifth largest economy in dollar terms, stated by the deputy chairman Douglas McWilliams.

Cheap energy and a digital revolution will drive economic growth globally, the report said. 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”.