A UN report revealed that India’s economy is forecast to expand by 7.4% during 2018-19 and improve to 7.6% in the next fiscal.

The country’s economy is also expected to remain the world’s fastest-growing large economy in 2019 and 2020, much ahead of China.

According to the United Nations’ World Economic Situation and Prospects (WESP) 2019 report, India’s gross domestic product is expected to grow by 7.4% in 2020-21.

"Growth continues to be underpinned by robust private consumption, a more expansionary fiscal stance and benefits from previous reforms," said the report.

"Yet, a more robust and sustained recovery of private investment remains crucial to lfit the medium-term growth.”

Meanwhile, the global economy should continue to grow at a steady pace of around 3% in 2019 and 2020.

The report went on to say: "However, a worrisome combination of development challenges could further undermine growth.”

Indian Prime Minister Narendra Modi said that India is on its way to earning the title of the fifth largest economy in the world, and the government is taking daily reform measures.

Right now, at $2.6 trillion, the Indian economy ranks sixth worldwide, following the US, China, Japan, Germany and the UK.