Indian sub-continent due to the Pandemic induced economic slowdown appears to have been pushed back to being the world's sixth biggest economy in 2020, will again overtake the UK to become the fifth largest in 2025 and race to the third spot by 2030, a think tank said on Saturday. The country had overtaken the UK in 2019 to become the fifth largest economy in the world but has been move down to 6th spot in 2020.
The Centre for Economics and Business Research (CEBR) said in an annual report published on Saturday, says, ''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 added due to the weakness of the rupee UK overtake India in 2020.
The CEBR predicts that the Indian economy will expand by 9 per cent in 2021 and by 7 per cent 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,'' the report said.
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