THERESA May’s faces fresh outrage of Britain’s overseas aid budget - after forecasts India will be the world’s third biggest economy by 2030.

The Centre for Economics and Business Research (CEBR) says growth in India will average 7 per cent between now and 2023.

1 Theresa May faces fresh fury over Britain's foreign aid budget which sees £98million going to India Credit: PA:Press Association

A booming population, new infrastructure, and spending on rail, telecoms, airports and ports will all power the boom.

The revelation comes three months after it emerged UK taxpayers are handing nearly £100 million to India in overseas benefits.

Aid chiefs are gifting India £52 million in 2018-2019 and a further £46 million in 2019-2020.

It comes despite India spending £94.5 million on its own lunar probe – Chandrayaan-2 – which is set to launch in the New Year.

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The Centre for Economics and Business Research (CEBR) said that despite the weak rupee, India will power past the UK and France to fifth in the world economic rankings in 2019. It overtakes Germany in 2025 and Japan in 2030.

Hardline Brexiteer Philip Davies stormed: “It is utterly ludicrous that we still give overseas countries that are richer than we are.

“People are sick to the back teeth of this idiocy and it is about time Government prioritised spending on vulnerable people in our own country.”

The CEBR uses GDP at market exchange rates to rank each nation. India is already more than twice the size of any economy on other measures such as purchasing power parity — a measure of the goods and services money can buy in any economy.

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