Indian economy may overtake Britain by next yr: Jaitley

India may overtake Britain to become the fifth largest economy in the world by next year and place itself among the globe's top three in a decade or two, Finance Minister Arun Jaitley said Thursday.

"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," he said after inaugurating a new office of the Competition Commission of India.

Jaitley said the time was not far when India would surpass those economies which were growing at 1-1.5%. His optimism was based on a sustained healthy growth of the Indian economy at an average of 7% and the rise in the purchasing power of people.

He said the ripple effects of that was already being felt in a healthy build-up of the consumption economy.

The finance minister said exponential growth in consumption was expected to lead to a large number of domestic and international players dominating the Indian space. That, he said, would require a robust regulatory mechanism to ensure fair competition among players.

“As the economic activity expands, the role of competition commission will expand to ensure fair competition among players,” Jaitley said.