India to become $2-trillion economy this year: IMF

India is poised to become a $2-trillion economy this year, with its GDP crossing $3 trillion after five years in 2019, the International Monetary Fund (IMF) has projected in its latest World Economic Outlook.

According to IMF, India's economic ranking would rise to the world's seventh-largest from being the tenth-largest currently, as measured on "current prices" basis in US dollar terms, in 2019.

It projects the country's economy to emerge the seventh-largest in 2019 with a value estimated at $3.18 trillion, surpassing the economies of Russia, Brazil and Italy.

The IMF estimates the Brazilian economy to be worth $2.89 trillion and the Russian and Italian economies at $2.59 trillion and $2.45 trillion, respectively.

The  Indian economy in 2013 was valued by the IMF at $1.88 billion, which would expand to $2.05 trillion this year. It's GDP growth has been below 5 per cent in the past two financial years.

The IMF projects the United States to remain the world's largest economy in 2019 at $22.15 trillion, up from $17.42 trillion in 2014, with China trailing at $15.52 trillion, up from $10.35 trillion.

"India has recovered from its relative slump; thanks in part to effective policies and a renewal of confidence, growth is expected once again to exceed five per cent," as per latest IMF World Economic Outlook report.