India overtakes France to become 6th largest economy

According to World Bank statistics for 2017, India's gross domestic product (GDP) was at $2.59 trillion in 2017 compared with $2.58 trillion France's economy. The number indicates that per capita income in France is nearly 20 times higher compared with India. India's gross domestic product (GDP) stood at $2.597 trillion at the end of previous year while the French economy was valued at $2.582 trillion.

The Indian economy rebounded strongly from July 2017, after a slowdown that lasted three quarters. Better still, last month, the World Bank forecast a growth rate of 7.3 per cent for India this year and 7.5 per cent for the next two years, making it the fastest growing country among major emerging economies.

India has doubled its GDP within a decade and is expected to power ahead as a key economic engine in Asia, even as China slows down.

Growth in India is projected to advance 7.3% in FY 2018-19 (1 April 2018-31 March 2019) and 7.5% in FY 2019-20, reflecting robust private consumption and strengthening investment, the World Bank said in its June 2018 edition of the Global Economic Prospect report. The United States, China, Japan, Germany and the United Kingdom occupy top 5 places with GDP of U.S. $19.390 trillion, USA $12.237 trillion, U.S. $4.872 trillion, U.S. $3.677 trillion, USA $2.622 trillion respectively.

The London-based Centre for Economics and Business Research, a consultancy, said at the end of last year that India would overtake both Britain and France this year in terms of GDP, and had a good chance to become the world's third-biggest economy by 2032.

London-based consultancy, the Centre for Economics and Business Research's 2018 World Economic League Table recently predicted that the Indian economy will overtake the United Kingdom, too, in real money dollar terms in 2018.

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