In the recent news, it was stated that India has now become the world’s sixth largest economy. Before France occupied that sixth rank. The development in the economy of India pushes France to the seventh rank. The source of this news is updated figures of World Bank.
GDP of India
From the figures at the end of 2017, the gross domestic product of India is amounted to, $2.597 trillion. The gross domestic product of France for 2017 is $2.582 trillion.
India economy of India is rebounded strongly from July 2017. It helps India to become the world’s sixth largest economy. India enjoys the growth in GDP after several quarters of slowdown. India with the population of 1.34 billion is about to become world’s most populous country.
India is second in terms of population. China is ranked first regarding population. Whereas France population stands at 67 million. As per population, India’s per capita GDP is about 20 times higher than the GDP of France. The results are based entirely on the figures of the World Bank.
India’s primary driver for the growth of the economy is manufacturing and consumer spending. After the slowdown of the economy due to the Demonetisation and GST (goods and service tax). This activity (manufacturing and consumer spending) helps the economy to reach the world’s sixth largest economy.
From past few decades India has doubled its GDP, and according to the experts of the economy, it is power ahead as the critical economic engine in Asia.
According to IMF (International Monetary Fund), India is projected to generate growth of 7.4% in the year 2018. As expected the growth is expected to reach 7.8% in 2019. The hidden form which India becomes world’s largest economy is a boost in household spending and tax reforms.
The business and economic research center of London stated that at the end of 2019 India would overtake both Britain and France regarding GDP. This year India exceeds France only in terms of GDP.
As per the figures and reports India had an excellent chance to become the world’s third-largest economy by 2032. According to the current statistics Britain is on the fifth with the GDP of $2.622 trillion.