India races past France to become the sixth largest economy

51

According to the latest World Bank figures, India has become the sixth biggest economy in the world, pushing France to the seventh place.

However, in terms of per capita GDP, India still lags far behind France, which is nearly 20 times bigger in comparison. This is because of the huge size of India’s population, which is estimated to be around 134 crore against only 6.7 crore of France.

The new calculations were on the basis of India’s economic performance in 2017. India’s Gross Domestic Product was valued at USD 2.597 trillion at the end of 2017, while France’s amounted at USD 2.582 trillion.

According to the World Bank, the Indian economy has gained from strong performances in manufacturing sector due to increased spending of consumers after several quarters of slowdown blamed on economic policies pursued by Prime Minister Narendra Modi’s government.

India has doubled its GDP within a decade and has emerged as a powerful economic leader in Asia when China’s economy shows definite signs of lethargy.

As per the World Bank report, the United States of America is the world’s leading economy followed by China, Japan, Germany and Britain.

You might also like