• Friday, October 07, 2022

Business

India to overtake UK and become fifth largest economy in 2018

Theresa May and Narendra Modi have talked about building stronger UK-India links

By: Sarwar Alam

India is set to overtake the United Kingdom and France to become the world’s fifth largest economy next year, a report said on Tuesday. Currently ranked seventh, India will move up to fifth place in 2018 and vault to third spot by 2032, the Centre for Economics and Business Research, a London-based consultancy, said in its annual rankings. The Indian economy hit a three-year low in the first quarter of the current financial year, after Prime Minister Narendra Modi’s snap decision in November 2016 to scrap high-value banknotes and  following a tax overhaul. Growth slumped to 5.7 percent for the three months ending…

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