India Becomes Sixth Largest Economy Leaving Behind France

Lloyd Doyle
July 11, 2018

As per the World Bank's updated data for 2017, India has edged past France and snatched the tag of the world's sixth-largest economy from it, sending it a rank lower.

This means that India's per capita GDP continues to amount to just a fraction of that of France which is still roughly 20 times higher, according to World Bank figures.

India's GDP reached $2.597 trillion in 2017, while it was at United States $2.582 trillion for France, the World Bank said.

India's economy rebounded strongly from July 2017, after several quarters of slowdown blamed on economic policies pursued by Prime Minister Narendra Modi's government.

However, India has 1.34bn people compared to France's 67mn.

Its estimated show India will be a USD 7 trillion economy in 2028, as compared to less than USD 6 trillion and USD 5 trillion for Germany and Japan, respectively. Better still, last month, the World Bank forecast a growth rate of 7.3 per cent for India this year and 7.5 per cent for the next two years, making it the fastest growing country among major emerging economies. The United States, China, Japan, Germany and the United Kingdom occupy top 5 places with GDP of U.S. $19.390 trillion, USA $12.237 trillion, U.S. $4.872 trillion, U.S. $3.677 trillion, USA $2.622 trillion respectively.

"India's GDP growth bottomed out in the middle of 2017 after slowing for five consecutive quarters, and has since improved significantly, with momentum carrying over into 2018 on the back of a recovery in investment", said the report. Centre for Economics and Business Research consultancy also recently said that India will soon leave behind Britain and France with the prospects of becoming the world's third-biggest economy by 2032.

Other reports by Iphone Fresh

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