India becomes world’s sixth largest economy, surpasses France

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India became the world’s sixth largest economy overtaking France according to World Bank data on a gross domestic product (GDP) of countries for 2017.

According to revelations United States has topped the list recording a GDP of $ 19,390,604 million, followed by China, Japan, Germany and the United Kingdom.

World Bank report said: “India’s gross domestic product (GDP) amounted to $2.597 trillion at the end of last year, against $2.582 trillion for France”.

“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,” said the report.

According to the report, the main drivers pushing Indian economic growth are manufacturing and consumer spending.

With the growth forecast of 7.3% in 2018-19, India has been termed the world’s fastest-growing major emerging economy.

The World Bank has even forecast that the Indian economy will grow at the pace of 7.5% for 2019-20 and the subsequent year.

According to the International Monetary Fund, India is projected to generate growth of 7.4 per cent in 2018 and 7.8 per cent in 2019, boosted by household spending and a tax reform. This compares to the world’s expected average growth of 3.9 percent.