India beats France to become world’s sixth largest economy

Irving Hamilton
July 11, 2018

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.

India's per capita GDP is still a fraction of that of France.

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. India's Gross Domestic Product was $2.597 trillion (Rs 178 lakh crore) at the end of past year against $2.582 trillion (Rs 177 lakh crore) for France.

Last year, London-based Centre for Economics and Business Research (CEBR) had predicted that India would become world's fifth largest economy surpassing France and the United Kingdom by the end of 2018.

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Manufacturing and consumer spending were the main drivers of the Indian economy previous year, after a slowdown blamed on the demonetisation of large banknotes that PM Modi imposed at the end of 2016, as well as a chaotic implementation of a new harmonised Value-Added Tax regime. 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 International Monetary Fund has forecast India's economy to grow at 7.4 percent in 2018 and 7.8 percent in 2019.

"India's GDP growth bottomed out in the middle of 2017 after slowing for five consecutive quarters, and has since improved significantly, with momentum carrying over into 2018 on the back of a recovery in investment", said the report.

Earlier, a report by British brokerage HSBC said that India is likely to overtake Japan and Germany to become the third largest economy in the next 10 years.

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