INDIA TO BE THIRD LARGEST ECONOMY BY 2030

India is set to become the third largest economy in the world by 2030, according to latest estimates by a PricewaterhouseCoopers (PwC) report. The London-based accountancy giant said the rapid rise of the Indian economy with its young workforce would push it up from being the 10th largest economy in 2013 to the third-largest by 2030, pushing the UK into the sixth place

"In the longer run, other emerging markets may overtake the UK, but only India looks set to do so before 2030 according to our latest projections," PwC said in its latest economic outlook. China, the world's second largest economy, is expected to close the gap with America by 2030, while Mexico is predicted to be the 10th largest economy by 2030, above Canada and Italy, both G7 nations

Only a couple of years ago there were forecasts that Britain would rapidly become a second-class economic power and would need to defer to the BRIC countries of Brazil, Russia, India and China in the near future

China has ranked above Japan for a decade as the world's second-biggest economy. By some calculations Brazil leapfrogged the UK in 2012, with Russia and India close behind