India’s economy is now the sixth-biggest in the world, as per data released by the World Bank for the year 2017. India was previously ranked 7 in 2016, with France occupying the sixth position.
The ranking, based on the GDP and current prices sees the United States of America occupy the first position, followed by China and Japan.
While India’s GDP stood at $2.597 trillion as of the end of 2017, France’s GDP was marginally lower at $2.582 trillion. However, in terms of per capita GDP France is still ahead of India, thanks to a lower population. France has a population of around 67 million, compared to India’s population of roughly 1.3 billion.
In terms of sectors, the manufacturing and consumer sectors helped the country’s economy grow during the period. While there was doubt about the impact of demonetisation on the growth of the economy, this report indicates that the slowdown witnessed during the period had no serious impact on the same.
India’s economy is predicted to grow by 7.8 per cent in 2019, according to the IMF. India has seen its GDP double in less than a decade and is expected to become the third-biggest economy in the world by 2032 according to certain experts.
Source: Economic Times