India Likely To Become Fifth Largest Economy Next Year: Finance Minister Jaitley

India is expected to become the fifth largest economy in the world next year replacing Britain. Finance Minister Arun Jaitley has been quoted as saying “This year, in terms of size, we have overtaken France. Next year we are likely to overtake Britain. Therefore, we should be the fifth (largest) economy”.

India continues to lead the major economies in the quantum of economic growth registered and it is expected that if the current rate of growth continues, India would rank among the top 3 nations in terms of economic size in the next ten years.

In July this year, India had overtaken France to become the world’s sixth largest economy with a gross domestic product (GDP) of $2.597 trillion against $2.582 trillion for France.