India is set to overtake the UK by 2017.

India's GDP is expected to grow by leaps and bounds in by 2017. According to the Centre for Economics and Business Research (CEBR), India is set to overtake the UK by 2017. Thus, it is to become the largest economy in the Commonwealth. The fact that Britain will no longer be able to hold on to its spot is not really surprising. With the debt crisis worsening in the US and Europe, most of these countries are either in recession or facing the prospect of one. Britain has been no exception. In contrast, how has India been faring? The Indian economy has also been battling slowing economic growth, high inflation and firm interest rates. That said, the country's growth rate has been higher than that of its developed counterparts. And by that measure alone be able to overtake Britain. But what will firmly seal India's dominance is more initiative from the government to implement reforms and ramp up infrastructure. Only then can the country's growth move to the next level. In the meanwhile, Britain can take solace from the fact that its economy is expected to be larger than that of France by 2022.