July 12, 2018 11:53:26 am
India has become the world’s sixth largest economy, surpassing France, according to a World Bank report. According to the data, India’s Gross Domestic Product (GDP) amounted to USD 2.59 trillion, as against France’s USD 2.58 trillion. The country’s economy grew at a seven-quarter high of 7.7 per cent in the three months ended March 2018, helped by higher government spending and investment.
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. The country is also expected to surpass the fifth largest economy, the United Kingdom, in the near future. The United Kingdom, which is facing Brexit blues, had a GDP of USD 2.62 trillion in 2017, the report added.
As per the International Monetary Fund’s World Economic Outlook released in April this year, the size of the Indian economy was pegged at USD 2.61 trillion, ahead of France with a GDP of USD 2.58 trillion.
According to the World Bank, the United States is the world’s largest economy with a size of USD 19.39 trillion, followed by China (USD 12.23 trillion) at the second place. Japan (USD 4.87 trillion) and Germany (USD 3.67 trillion) are at the third and fourth places, respectively.
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