INDIA: WORLD’s SIXTH BIGGEST ECONOMY
According to the modernize world bank figures for 2017, India has become the world’s sixth biggest economy.
According to 2017 calculations…
At the end of last year, India’s gross domestic product (GDP) amounted to $2.597 trillion, against the France GDP to $2.582 trillion.
From July 2017, the country’s economy recovering strongly, after several accommodates of decline.
India is tranquil to become the world’s most populous nation with a population figure of around 1.34 billion, whereas the French population figures stance only at 67 million. According to the world bank, this population figure simply means that India’s per capita GDP strongly increases which is just a fraction of that of France and still 20 times higher.
According to the last year report, the main drivers of the Indian economy were a manufacturer and consumer spending. Within a decade, India has doubled its GDP and is expected to be a key to slows down the economic engine in Asia.
According to the IMF report…..
This year, India is projected to generate growth of 7.4 percent which is expected to boost by household spending and tax reforms to around 7.8 percent in 2019, according to the International Monetary Fund(IMF) report.
World’s average growth rate of 3.9 percent is compared by India’s growth rate.
This year in terms of GDP, India is expected to overtake both Britain and France, and by 2032, it had a good chance to become the world’s third-largest economy.
List of top 10 countries in the world’s economy in 2018….
Here is the list of countries with their GDP….
RANK COUNTRY GDP(in trillions)
- USA 4
- CHINA 14
- JAPAN 1
- GERMANY 2
- UK 94
- INDIA 93
- FRANCE 85
- ITALY 82
- BRAZIL 18
- CANADA 8
An official in the finance ministry in New Delhi said, “This is a landmark development for India”. And also hope that it will influence the investment decision.
It was estimated that by overtaking both Britain and France in the top 5 economies for the prized slot, India is expected to cross $3 billion as the fifth largest economy. As IMF reports said as 2018 appeared to be up in the corner but 2019 was clearly in the blue corner.
further, based on a certain calculation, India expected to hold on a world’s sixth position in the economy.