India will reach its goal of becoming a $5 trillion economy by 2026, making it the fourth biggest economy on the planet, according to a report by the UK-based Centre for Economics and Business Research (CEBR).
By 2034, the South Asian nation will be the world’s third largest, it added.
“India has decisively overtaken both France and the UK to become the world’s fifth-largest economy in 2019. It is expected to overtake Germany to become fourth largest in 2026, and Japan to become the third largest in 2034.”
The three countries – India, Germany and Japan – will continue to battle for the position of third-largest economy over the next 15 years, said CEBR.
It noted that India’s “slow growth during the year has increased pressure for more radical economic reforms.”
The country’s economy, hailed as the fastest-growing in the world, grew by five percent year-on-year between April and June. This was its weakest pace since 2013, coming on the back of slowing consumer demand and government spending amid global trade conflicts.
Goldman Sachs projected this month that the Indian economy will rebound in 2020 as global conditions are set to improve.
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