New Delhi: Union Finance Minister Arun Jaitley said India will become the world’s fifth largest economy by 2019. According to a World Bank report, India’s Gross Domestic Product (GDP) which stands at 2.59 trillion US dollars.Also Read - PV Narasimha Rao Birthday: Remembering The Man Who Transformed India

Jaitley while speaking at the inauguration of the new building of Competition Commission of India said, “This year, in terms of size, we have overtaken France. Next year we are likely to overtake Britain. Therefore, we will be the fifth largest (economy).” Also Read - US Recession Could Have Spillover Effect On Indian Economy, Says Nomura

“It won’t take a very long time to overtake those economies which are growing at 1 to 1.5 per cent if we grow at 7 to 8 per cent on an average. And if you look at 2030 or 2040, we are unquestionably going to be – as world projections are – among the big three in size,” he said. Also Read - US Fed Hikes Interest Rate By 75 BPS, Largest Jump Since 1994 | Deets Inside

He further said that India will also emerge among the “big three” global economies by 2040. He also said that other countries in the world were growing at a much lesser rate and added that India had a lot of potential and was growing at a fast pace.  Speaking of CCI’s role, Jaitley added that its role will expand as the market and the economic activity expands.

For the unversed, Jaitely had made a similar statement earlier this year when India replaced France as the sixth-largest economy. “We have already seen a significant move up in India’s ranking in the ease of doing business and as a preferred investment destination. Today we stand to be tested in the midst of a global challenge thrown up on account of the international crude oil prices and the trade war,” Jaitley had said.

According to the World Bank, the United States is the world’s largest economy with a size of USD 19.39 trillion, followed by China (USD 12.23 trillion) in the second place. Japan (USD 4.87 trillion) and Germany (USD 3.67 trillion) are at the third and fourth places, respectively.

With Agency Inputs.