Saturday, May 30, 2020
Home Economy and Finance India surges ahead, likely to overtake UK in largest economy rankings in 2019: PwC...

India surges ahead, likely to overtake UK in largest economy rankings in 2019: PwC report

India had become the world's 6th largest economy in 2017 after relegating France to the 7th spot. The PwC report also remarked that the Global Economy is expected to slow in 2019 as G7 countries return to long-run average growth rates.

Also Read

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

As per a report by the British consultancy multinational, PwC, India is set to overtake the United Kingdoms in 2019 in the rankings of world’s largest economies. The UK is projected to fall two places to 7th with France expected to march ahead of them as well.

“India and France are likely to surpass the UK in the world’s largest economy rankings in 2019, knocking it from fifth to seventh place in the global table,” PwC’s Global Economy Watch report said. The report projects a 7.6% real GDP growth rate for India, 1.7% for France and 1.6% for the UK.

The report also remarked that although France and UK have often switched places due to roughly equal populations and levels of development, India’s climb in the rankings is likely to be permanent.

- article continues after ad - - article resumes -

“India is the fastest growing large economy in the world, with an enormous population, favourable demographics and high catch-up potential due to low initial GDP per head. It is, therefore, all but certain to continue to rise in the global GDP league table in the coming decades,” the report states.

“India should return to a healthy growth rate of 7.6 per cent in 2019-20 if there are no major headwinds in the global economy such as enhanced trade tensions or supply-side shocks in oil. The growth will be supported through a further realisation of efficiency gains from the newly adopted GST and policy impetus expected in the first year of a new government,” Ranen Banerjee, Partner and Leader – Public Finance and Economics of PwC India was quoted as saying by PTI.

India had become the world’s 6th largest economy in 2017 after relegating France to the 7th spot. The PwC report also remarked that the Global Economy is expected to slow in 2019 as G7 countries return to long-run average growth rates.

Meanwhile, as per reports, China is suffering the impact of Trump’s Tariffs and its 2018 growth was the lowest in nearly 3 decades. The GDP grew at 6.6%, the slowest for the country in 28 years.

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

Trending now

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

DD News temporarily shifts operations from Mandi House to Khelgaon after an employee tested positive for Coronavirus after death

News operations of DD News shifted to Khelgaon studio from the night of May 28 while Mandi house studios are sanitised

Mamata Banerjee opens up places of worship from June 1 in West Bengal, refuses to take migrants back saying Shramik Express trains are Corona...

Mamata Banerjee alleged that large numbers of workers returning is the reason behind spike in coronavirus cases in West Bengal

D10: Britain proposes new alliance of 10 democracies including India, South Korea, Australia and G7 nations to break China’s monopoly on 5G technology

The United Kingdom aims to create an alternative suppliers of 5G technology and other technologies to by forming the D10 group

IAF makes heavy-lift CH-47 Chinook helicopters operational in the Eastern air command near Indo-China border

CH-47 Chinook advanced multi-mission helicopters will be based at Air Force Station in Mohanbari in Dibrugarh of Assam near China border

White House slams Twitter for censoring US President Donald Trump but refusing to take action against glorification of Jihad

Donald Trump has been involved in a raging battle against social media giant Twitter after the latter included a 'fact-check' on his tweet.

Twitter restores ISKCON spokesperson’s account after briefly locking it, removes proof of insult of Hindus in Shemaroo video citing copyright violation

ISKCON spokesperson Radharamn Das had posted the vile video on Twitter as a proof of crime against the ISKCON and Hindus

Recently Popular

ISKCON files complaint against comedian Surleen Kaur and Shemaroo Entertainment Ltd for a video where ISKCON devotees were called ‘harami porn-waley’

Surleen Kaur had said in the video published by Shemaroo ‘no doubt we are from ISKCON, but from inside we are all harami porn lovers’.

ISKCON rejects Shemaroo Entertainment’s ‘apology’, to proceed with legal action against comedian Surleen Kaur for abusive, derogatory statements

A complaint had been filed by ISKCON organisation against comedian Ms Surleen Kaur and Shemaroo Entertainment Ltd for her abusive, derogatory remarks against the organisations, saints and Hindus.

Zaira Wasim, who had left acting for Islam, now quotes the Quran to insinuate that locust infestation in Rajasthan is ‘Allah’s wrath’

Several areas in Eastern Africa, Pakistan, and India have seen attacks by massive swarms of locusts recently. However, it is not understood why the former actress is insinuating these locust attacks as some sort of Islamic curse upon a specific group of people whom she refers to as 'arrogant'.

Woman raped by Moulvi Aslam, media gives it a ‘Hindu spin’ by using image of a saffron-clad Hindu priest and describing the perpetrator as...

A Muslim sorcerer claiming to relieve people of their miseries through his wizardry was depicted as a Hindu priest by media organisations

Twist in the tale: ISKCON accepts apology of Shemaroo, says won’t pursue its case against the company for Surleen Kaur video that insulted ISKCON...

ISKCON further stated that it does not believe in vengeance and instead acts in accordance to moral, ethical and legal values.

Connect with us

228,683FansLike
355,089FollowersFollow
243,000SubscribersSubscribe
Advertisements