India could overtake the UK to become the fifth largest economy in the world if the country’s economic expansion continues to grow at the projected rate, Union minister Arun Jaitley said on Friday.
However, he cautioned that rising international crude prices and the global trade war could throw up challenges going forward.
Outlining the rural-focused resource allocation in this year’s budget, Jaitley said poverty in the country would reduce if the thrust of the budget and infrastructure continued to be rural India in the next decade.
“If we keep growing at the rate which is being projected, it is likely that next year we will be the fifth largest economy ahead of Great Britain,” Jaitley said in a Facebook post.
“This is in consonance with the rest of the narrative. Being the fastest growing economy for the last four years, we can look at the next decade as one of economic expansion,” he said.
The Indian economy is estimated to grow at 7-7.5 per cent in the current fiscal, higher than 6.7 per cent growth clocked in 2017-18. A latest World Bank report has said that the Indian economy has become the world’s sixth-biggest economy, pushing France to seventh place.