India’s Finance Minister Arun Jaitley on Thursday (30th of Aug) said that India is likely to surpass the United Kingdom to become the world’s fifth-largest economy next year.
India’s Gross Domestic Product (GDP) was valued at $2.6 trillion at the end of 2017, overtaking France.
Nevertheless, France’s GDP per capita is approximately 20 times higher than India’s due to the size of its Population.
The UK’s economy was valued at $2.94 trillion at the end of 2017. India recorded a growth of 6.7% in year 2017-18, anticipated to accelerate to 7.4% in the current fiscal.
Mr. Jaitley said the country has the potential to overtake large economies that are growing at a much lower rate than India.
“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,” Jaitley said at Competition Commission India (CCI)’s building inauguration event.
