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India May Surpass Britain to Become World’s Fifth Largest Economy Next Year: Indian Finance Minister

India’s finance minister Arun Jaitley on Thursday (30) said, India is very likely to outperform Britain next year to become the fifth largest economy in the globe.

"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)," he said in New Delhi.


India has the potential to become the world’s largest economy to have a place among the top three economies of the globe in the next 10 to 20 years as other counties have been witnessing economic growth at a much lesser rate, Finance Minister added.

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England and Wales councils

The government's "fair funding review 2.0," expected on December (17) will determine how funding is allocated

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England and Wales councils warn of bankruptcy as funding reaches 'breaking point'

Highlights

  • 29 councils already unable to meet financial obligations without emergency government loans.
  • London boroughs face £1bn shortfall this year, with half potentially requiring bailouts by 2028.
  • Government's "fair funding review 2.0" expected December (17) will determine council allocations.

Local authorities across England and Wales have warned their finances are at "breaking point," with more councils expected to declare bankruptcy as they await crucial government funding announcements this month.

Council leaders anticipate changes to annual funding arrangements will result in steep cuts for many authorities, preventing them from balancing budgets and providing basic services to residents.

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