Business/Economy

India becomes world's sixth-biggest economy

India becomes world's sixth-biggest economy

According to the updated World Bank figures 2017, India has pushed France on seventh place and has acquired world’s sixth largest economy.

At the end of last year, the GDP (Gross Domestic Product) of France was amounted to $2.582 trillion and India’s GDP was $2.597 trillion.

From July 2017, India’s economy had recovered strongly wherein PM Narendra Modi’s government was blamed for the slowdown of several quarters.

France has a population of 67 million wherein India with around 1.34 billion residents has become the world’s most populous nation.

According to World Bank figures, India’s per capita GDP is just a fraction of that of France which is still around 20 times higher.

Last year, consumer expenses and manufacturing were the main drivers of the Indian economy after the de-monetisation at the end of 2016. India is expected to power ahead as a key economic engine in Asia and has doubled its GDP within a decade.

International Monetary Fund has projected to generate a growth of 7.4% this year and 7.8% in 2019 by household and taxes.

It is believed by a London-based Centre for Economics and Business Research consultancy that at the end of the last year India would overtake Britain and France in terms of GDP and by 2032 it would become the world’s third-biggest economy.

Britain was at the fifth position with a GDP of $2.622 trillion wherein the US is the world’s top economy which is followed by China, Japan and Germany.