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India to become 5th largest economy in 2025, 3rd largest by 2030


India, which appears to possess been pushed back to being the world’s 6th biggest economy in 2020, will again overtake the Britain to become the 5th largest in 2025 and race to the 3rd spot by 2030, a think factory said on Saturday.

India had overtaken the Britain in 2019 to become the fifth largest economy within the world but has been relegated to 6th spot in 2020.

“India has been knocked astray somewhat through the impact of the pandemic. As a result, after overtaking the Britain in 2019, the united kingdom overtakes India again during this year’s forecasts and stays ahead till 2024 before India takes once again ,” the Centre for Economics and Business Research (CEBR) said in an annual report published on Saturday.

The UK appears to possess overtaken India again during 2020 as a results of the weakness of the rupee, it said.

The CEBR forecasts that the Indian economy will expand by 9 percent in 2021 and by 7 percent in 2022.

“Growth will naturally slow as India becomes more economically developed, with the annual GDP growth expected to sink to five .8 percent in 2035.”
“This growth trajectory will see India become the world’s third largest economy by 2030, overtaking the united kingdom in 2025, Germany in 2027 and Japan in 2030,” it said.

The UK-based think factory forecast that China will in 2028 overtake the US to become the world’s biggest economy, five years before previously estimated thanks to the contrasting recoveries of the 2 countries from the COVID-19 pandemic.

Japan would remain the world’s third-biggest economy, in dollar terms, until the first 2030s when it might be overtaken by India, pushing Germany down from fourth to fifth.

The CEBR said India’s economy had been losing momentum even before the shock delivered by the COVID-19 crisis.
The rate of GDP growth sank to a quite ten-year low of 4.2 percent in 2019, down from 6.1 percent the previous year and around half the 8.3 percent rate of growth recorded in 2016.

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