London report: India to move from 7th position to 3rd in world economy

London, Dec 26: A London based consultancy, the Centre for Economics and Business Research said in its annual ranking that India which is at seventh place in economy will move up to fifth place in 2018 and vault to third spot by 2032.

The Indian economy hit a three-year low in the first quarter of the current financial year, after Prime Minister Narendra Modi's snap decision in November, 2016 to scrap high-value banknotes and following a tax overhaul.

Growth slumped to 5.7% for the three months ending June but recovered slightly to 6.3% for the quarter ending September.

"Despite temporary setbacks... India's economy has still caught up with that of France and the UK and in 2018 will have overtaken them both to become the world's fifth largest economy in dollar terms," said CEBR deputy chairman Douglas McWilliams.