It would be a proud moment for all Indians when they will see the country's name in the top list of world's largest economies. It is likely that India will overtake the UK in the rankings of world’s largest economies, amid Britain’s potential exit from the European Union, according to a recent prediction by Pricewater house Coopers (PwC).

Escalating geo-political tensions following further trade protectionist measures, coupled with high crude oil prices and the rupee's movement against the US dollar will determine the trajectory of the Indian equity markets in the coming week, analysts said.

With the Indian economy registering a GDP growth of 8.2 per cent in the first quarter of the current fiscal, Union Finance Minister Arun Jaitley on Friday said that it represented the potential of a 'New India' in an environment of global turmoil.

An upswing in manufacturing activity and revival of private investment, supported by strong consumer demand, accelerated India's GDP growth rate in the first quarter of 2018-19 to 8.2 per cent, official data showed here on Friday, even as industry welcomed the continuous momentum in economic growth over the last two quarters.

Fears over the rise in global trade protectionist measures, coupled with consistent outflow of foreign funds as well as volatile crude oil prices, pulled the Indian rupee to a fresh low of over 71 to a US dollar on Friday.

With 57 per cent of India's GDP contributed by services, the country can take forward trade reforms in the service sector, Union Urban Affairs Minister Hardeep Singh Puri said here.

As the government ponders over the back series of GDP that created a political storm, a Finance Ministry adviser has hinted that the methodology may be technically acceptable despite its quirk.

The National Statistical Commission (NSC) has invited comments on the GDP Back Series 2011 report that credited UPA regime with the fastest economic growth leading to a political slugfest between the Congress and BJP.

The Congress on Tuesday cited a report of Parliament's Estimates Committee headed by BJP leader Murli Manohar Joshi to attack the Modi government by claimed that it revealed "defence expenditure at 1.6 per cent of the GDP in 2017-18 was the lowest since 1962, when India-China war was fought".

Government website has allegedly removed data of higher GDP growth under United Progressive Alliance's (UPA), said a media report.