India to become fifth largest economy in 2018

India is set to overtake the United Kingdom and France to become the world''s fifth largest economy next year, a report said Tuesday.
Currently ranked seventh, India will move up to fifth place in 2018 and vault to third spot by 2032, the Centre for Economics and Business Research, a London-based consultancy, said in its annual rankings. 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.