A think tank on Saturday said India which has been pushed back to the sixth spot in the world's biggest economy list in 2020, will again surpass the UK to become the fifth leading economy globally in 2025 and chase the third rank by 2030. Last year, India overtook the UK to become the fifth largest economy globally but during 2020 has been knocked off to the sixth position due to the pandemic.
The Centre for Economics and Business Research (CEBR) in an annual report published on Saturday said, "India has been knocked off course somewhat through the impact of the pandemic. As a result, after overtaking the UK in 2019, the UK overtakes India again in this year's forecasts and stays ahead till 2024 before India takes over again".
The report said the UK seems to have pipped India again in 2020 owing to the weakness in the Indian currency. As per the estimates of the CEBR, Indian economy will grew at the rate of 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 5.8 per cent in 2035."
"This growth trajectory will see India become the world's third largest economy by 2030, overtaking the UK in 2025, Germany in 2027 and Japan in 2030," it said.
Also, as per the forecast of the UK-based think tank, China will overtake the US to become the world's biggest economy in 2028, five years ahead of the earlier estimate because of the difference in pace in recovery of the two nations from the coronavirus pandemic. Until early 2030, Japan will hold the third spot in the world's biggest economy list (in dollar terms) when it will be outshined by India, pushing down Germany to the fifth spot from fourth.
With PTI Inputs