India, which 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.
India had overtaken the UK in 2019 to become the fifth largest economy in the world but has been relegated to 6th spot in 2020.
“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 till2024 before India takes over again,” the Centre for Economics and Business Research (CEBR) said in an annual report published on Saturday.
The UK appears to have overtaken India again during 2020 as a result of the weakness of the rupee, it said.
The CEBR forecasts 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