Published: Wed, July 11, 2018
Money | By Ralph Mccoy

India's economy overtakes France to become sixth largest in the world

India's economy overtakes France to become sixth largest in the world

India has become the world's sixth-largest economy, pushing France to seventh place, according to World Bank data on gross domestic product (GDP) of countries for 2017.

In terms of per capita GDP, the figure in India is much lower than that in France.

The country's gross domestic product (GDP) surged to $2.597 trillion at the end of 2017, compared to France's $2.582 trillion.

India's economy rebounded strongly from July 2017, after several quarters of slowdown blamed on economic policies pursued by Prime Minister Narendra Modi's government.

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India, with around 1.34 billion inhabitants, is poised to become the world's most populous nation, whereas the French population stands at 67 million. The World Bank forecasted India as the world's fastest growing economy "as factors holding back growth in India fade". 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.

Russian Federation will become the leading European economy ahead of Germany, UK, and Italy with a GDP of $7 trillion, according to a PwC report.

The IMF's latest World Economic Outlook report expects China to decelerate from 6.6 per cent in the current year to 6.4 per cent in 2019, while India is expected to post growth rates of 7.4 per cent and 7.8 per cent in the same time frame.

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. Centre for Economics and Business Research consultancy also recently said that India will soon leave behind Britain and France with the prospects of becoming the world's third-biggest economy by 2032.

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