India beats France to become world's sixth largest economy

The Office for National Statistics is to publish estimates on industrial production

The Office for National Statistics is to publish estimates on industrial productionLEON NEAL GETTY IMAGES

In a significant feat, India has pushed France aside to claim the position of the 6th biggest economy in the world, World Bank data for 2017 reveals.

This means that India's per capita GDP continues to amount to just a fraction of that of France which is still roughly 20 times higher, according to World Bank figures.

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

Indian economy had slowed down previous year due to transitory shocks like demonetisation and the chaotic implementation of the national goods and services tax (GST), but has since bounced back. Overall, India has made rapid progress, doubling its GDP in less than past decade and emerging as the engine of economic growth in Asia, especially with the Chinese economy showing definite signs of lethargy.

According to the International Monetary Fund, India is projected to generate growth of 7.4 per cent this year and 7.8 per cent in 2019, boosted by household spending and a tax reform.

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. At this pace, India's growth will be significantly faster than the IMF's world average of 3.9 percent in 2018. 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 ninth-edition of the World Economic League Table (WELT) released by CEBR said that Indian economy will overtake the United Kingdom and France in real money dollar terms by the end of this year.

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