New Delhi: The Indian economy has taken quite a battering due to the COVID-19 pandemic. It contracted 23.9 per cent in the first quarter of 2020-21 and by 7.5 per cent in Q2, thereby going into recession.
Having overtaken the UK in 2019 to become the fifth largest economy in the world, India has been pushed back to sixth once again.
But India will bounce back strongly, if the Centre for Economics and Business Research (CEBR) is to be believed.
The UK-based organization has said that India will regain its fifth place in the world in 2025 and climb to third-largest economy by 2030.
“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 till “2024 before India takes over again,” the UK-based CEBR said in its annual report published on Saturday.”
CEBR has further said 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 to 5.8 per cent in 2035. This growth trajectory will see India become the world’s third largest economy by 2030, overtaking the UK in 2025, Germany in 2027 and Japan in 2030,” it said.