By 2040, India could edge past the US economy to become the world’s second largest economy in Purchasing Power Parity(PPP) terms, say reports. Reports further added that Indian economy would grow at an annual average rate of 3.5% over the next 34 years when compared to 1.6% growth rate of the US. Notably, China surpassed America to become world’s largest economy recently while India stands third by PPP terms.