(PTI)
India is likely to surpass the UK to become the world’s fifth largest economy next year on growing consumption and strong economic activity, Finance Minister Arun Jaitley. He also exuded confidence that India would be among the top three global economies in the next 10-20 years.
“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 (economy),” he said while inaugurating the office building of the Competition Commission India (CCI). India’s gross domestic product (GDP) was valued at $ 2.597 trillion at the end of 2017 overtaking French economy, which was amounted at $ 2.582 trillion last year.
However, in terms of per capita GDP, India still lags far behind France, which is nearly 20 times bigger in comparison. This is because of the huge size of India’s population, which is estimated to be around 1.34 billion as against 67 million of France.
