India to surpass Britain by next year |
India`s Finance Minister Arun Jaitley said India is likely to surpass Britain next year to become world’s fifth largest economy. India, currently the sixth largest economy, has a GDP amounting to USD 2.59 trillion, as compared to the fifth-largest United Kingdom’s USD 2.62 trillion. The country’s economy grew at a seven-quarter high of 7.7 per cent in the three months ended March 2018, helped by higher government spending and investment. This year, in terms of size, we have overtaken France. Next year we are likely to overtake Britain. Therefore, we will be the fifth largest (economy), PTI quoted Jaitley as saying. Adding that the country has the potential to be among top three economies of the world in the next 10-20 years, Jaitley said the other countries in the world are growing at a much lesser rate.Today we stand to be tested in the midst of a global challenge thrown up on account of the international crude oil prices and the trade war, Jaitley had said. The new calculations were based on the performance of Indian economy in 2017. India has doubled its GDP within a decade and is expected to power ahead as a key economic engine in Asia, even as China slows down.
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