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India to be the fifth largest economy in 2018, ahead of UK and France

Author at TechGenyz Business
Fifth Largest Economy
Image: Invero Tech

According to the current statistics, India is the fastest growing OECD in 2014-2016. Apart from CEBR, many other reliable sources are reflecting the good performance of the Indian economy. The OECD has stated in their report on India in 2017 that for the period 2014-2016, the sub-continent has experienced the highest growth of G20. The annual average of the growth was around 7.5%. It is believed to be the result of the massive reformations brought in by the Indian Prime Minister, Narendra Modi.

The experts are not really surprised by the rate of progression. They believe it's the result of the work that's been going on for past several years. If this trend goes on as per regulation for the next 15 years, the Asian countries will join the top ten of the world's largest economies. According to CEBR by 2032 China, India and Japan could be among the top five of the world's largest economies.

A study by the Center for Economics and Business Research has shown that if the Indian economy is expressed in dollars, it will be way ahead of the French and British economies.

The Institute for Center for Economics and Business Research (CEBR) has written in a study published on Tuesday, "Despite some temporary setbacks, the Indian economy is able to catch up with that of France and the United Kingdom in 2018. It will surpass them both to become the fifth economic power in dollars."

India's growth has been slowed by the withdrawal of large outstanding banknotes and new taxes - Douglas McWilliams, Vice President of CEBR

 

While lecturing an audience of Indian professionals, he had said previously on November 22nd, "Obviously, the criterion of GDP in cash underestimates, in many ways, the size of the Indian economy because of the cost of living that is much lower in India. If you adjust for purchasing power, India is already the third largest economy in the world. By its size, it is already three times larger than the British economy."

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