Business & Finance

India is setting ground to become 5th largest economy in the world by 2019


India is gaining a huge pace in the economic development and is entitled to surpass many leading first world countries within few years. In the similar context, Arun Jaitley, The Union Finance Minister, said “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 this in New Delhi on 30th August in a conference in the capital city of India.

He emphasized on the fact that India is gaining on the leading economies in the world and is on the verge to cross Britain by the end of 2019. If this happens, India will become the 5th largest on the list of leading economies in the world. This year, India has overtaken France, one of the leaders when size is considered. If everything goes in the similar manner, the chances of overtaking Britain are a lot higher.

This is only happening due to the increased pace of development and GDP witnessed by the subcontinent for the last two quarters of 2018. On the contrary, the other countries, who are leading the list, are growing at a lesser rate giving a great opportunity to surpass them.

As per Jules Chappell, OBE, Managing Director, Business at London & Partners, said in an interview with The Hindu that India will emerge as the top economies in the world if the pace of development is maintained at this rate for the next one or two decades. Britain is also looking forward to build fortified relations with the subcontinent. 

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