India’s economy is currently the third-largest in the world, and is expanding at an estimated annual growth rate of 7.1% for the 2016-17 financial year. Among the 32 largest economies in the world in 2016, only Vietnam is expected to grow faster per capita than India over the next three decades, PwC projects. Poor governance and inadequate infrastructure are holding up growth in India, says World Bank's chief economist Kaushik Basu. With annual growth rate hovering below 5%, Asia's third-largest economy has been weighed down by high inflation, a weak currency and a drop in foreign investment. Brazil, Russia, India, China and South Africa (BRICS) is an acronym for the combined economies of Brazil, Russia, India, China and South Africa, which were poised to dominate world economy by 2050.