India has become the sixth largest economy in the world, surpassing France, according to the latest World Bank figures on the Gross Domestic Product (GDP) for the year 2017.
The United States continues to be at the top of the list with a GDP of USD 19,390,604 million, followed by China, whose GDP stands at USD 12,237,700 million. Japan and Germany occupied the third and fourth spot respectively.
India’s GDP, USD 2,597,491 million, however, ranks below the United Kingdom, an economy of USD 2,622,434 million in GDP, news agency ANI reported.
The World Bank had, earlier, said that the Indian economy recuperated from the effects of demonetisation and the Goods and Services Tax (GST), predicting a growth of 7.3% for the year 2018.
Even though India beat France in terms of the gross domestic product, it's per capita income, with a population of 1.34 billion people, remains significantly lower than the European nation, whose per capita income is 20 times that of India, AFP reported.
India is projected to grow at the rate of 7.4% in 2018 and 7.8% in 2019, as per the International Monetary Fund. Another consultancy, the London-based Centre for Economics and Business Research, said that India would go past Britain and France in 2018, and could become the third the biggest economy by 2032.
(With inputs from ANI and AFP)
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