India to be fourth largest economy by 2020: Citi

“India would rank as the seventh largest economy by 2015 and the fourth largest by 2020, overtaking Germany, France, and the UK,” Citi Economist Rohini Malkani said in a note. Currently, India is the 12th largest economy in terms of gross domestic product (GDP) on nominal terms.

With headwinds to consumption, investment and outsourcing now easing, Citi said it believes India has the potential to revert to the 8-9 per cent growth path.

“We expect the government’s initiatives towards inclusive growth and other growth-enablers, such as innovation and land reforms, to further support a growth upturn.” New ideas, more than savings or investments, are the new keys to prosperity and to the wealth of nations, she said.

The government, she said, appears to have recognised this, with the Prime Minister stating India must develop an innovation ecosystem to stimulate innovations.

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