India has become the world’s sixth biggest economy, toppling France which used to hold the spot, according to World Bank updated figures of 2017. India registered a $2.597 trillion gross domestic product (GDP) pushing France to the seventh spot with $2.582 trillion GDP.
According to the finance ministry, India’s economy could grow up to 7.5 percent this year until next year. While on the other hand, the International Monetary Fund (IMF) stated last April 2018 that the country might possibly leave China which happened to be as its rival at 6.4 percent to 6.6 percent in the next two years.
The Indian government was slowed down for three quarters but from July 2017, the economy was again united and was able to move up. The slowdown of the economy was due to the government’s choice to devalue the high-value currency in November 2016 and the hasty disentanglement of Goods and Services Tax dated July 1, 2017.
The per capita GDP income of India is just a portion of that of France. That is roughly 20 times higher based on the report given by the World Bank figures. This is because of the fact that India is considered the most populated country. Compared to France with 67 million population, India’s population is around 1.34 billion.
Centre for Economics and Business Research based in London said that by the year end of 2017 India will advance France and Britain as long as their GDP is concerned and has a great chance to become the world’s third-biggest economy in the year 2032.
The United States is still on the top as the world’s biggest economy with China, Japan, and Germany on its row. Britain remains still in its fifth position with $2.622 trillion GDP 2017 year-end report.
