India Becomes Sixth Largest Economy Leaving Behind France
India became the world’s six largest economies in the world, according to the World Bank. India achieved this feat in terms of GDP of $ 2.597 trillion in 2017. With this, Bharat has emerged as the sixth largest economy in the list of the world’s biggest economy. Last year France GDP was $ 2.582 trillion. In the list, the US topped the list with China, Japan, Germany and Britain top five.
However, in terms of per capita GDP, India is lagging behind France. At present, the Indian Population crosses 130 crores. On the other hand, the population of France is only 6.7 crores. That means France’s per capita GDP is 20 times that of India’s per capita GDP, the World Bank said.
In November 2016, countries economic progress slowed down due to demonetization. However, the World Bank has said that the situation has changed since July 2017 and the Indian economy has rapidly recovered since then. Despite the disruptions created by the Goods and Services Tax (GST), India’s manufacturing output revived by mid-2017.
Manufacturing, consumption and expenditure are the main reasons for this. The World Bank said India’s GDP is likely to double in the next decade. By 2032, it is expected to be the third largest economy countries in the World.
Indian economy is expected to grow by 7.3 per cent in 2018 and 7.5 per cent in the next two years, as per the World Bank’s Global Economics Prospects report. The World Bank forecasted India as the world’s fastest growing economy “as factors holding back growth in India fade.”
“India’s economy (today) is robust, resilient and has potential to deliver sustained growth”, said Ayhan Kose, Director of the Development Prospects Group at the World Bank.
The June 2018 edition of the report stated that “robust private consumption and strengthening investment” will contribute to India’s growth in Gross Domestic Product (GDP).