By India Today Web Desk: Recent World Bank figures have some good news for India. A World Bank report says that the Indian economy has now pushed France, the world’s sixth-largest, to seventh place. The United States tops the list of largest economies followed by China, Japan, Germany and Britain. The new calculations were based on the performance of the Indian economy in 2017.
India’s gross domestic product (GDP) was worth USD 2.597 trillion at the end of 2017, surpassing the French economy at USD 2.582 trillion last year.
However, in terms of GDP per capita, India still lags far behind France, which is about 20 times larger. This is due to the large size of India’s population, which is estimated to be around 134 crores as against only 6.7 crores in France.
According to the World Bank, the Indian economy has benefited from strong performance in the manufacturing sector driven by increased consumer spending. The World Bank also noted that demonetisation in November 2016 and chaotic implementation of the GST (Goods and Services Tax) rollout in July last year were blamed for the extended slowdown in the Indian economy.
Overall, India has made rapid economic progress doubling its GDP in less than 10 years and has emerged as the engine of economic growth in Asia while China’s economy has shown definite signs of sluggishness.
The International Monetary Fund (IMF) has forecast India’s growth at 7.4 percent in 2018 and 7.8 percent in 2019. On the other hand, the IMF predicts that the world economy will grow by 3.9 percent in the coming year
(The story has been updated)
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