Updated By: LatestGKGS Desk
World Bank: India overtook France to become 6th world's largest economy in 2017
World Bank: India overtook France to become 6th world's largest economy in 2017- Details, Reasons, Impression, Ranking
According to the recent data report by the World Bank on the gross domestic product (GDP) of countries for 2017, India overtook France to become the world’s 6th largest economy.
According to the World Bank's data, Top 7 Countries as reported are:
1. United Staes of America GDP of (USD 19, 390,604.00 million) Rank 1st
2. China GDP of (USD 12,237,700.48 million) Rank 2nd
3. Japan GDP of (USD 4,872,136.95 million) Rank 3rd
4. Germany GDP of (USD 3,677,439.13 million) Rank 4th
5. United Kingdom GDP of (USD 2,622,433.96million) Rank 5th
6. India GDP of (USD 2,597,491.16 million) Rank 6th
7. France GDP of (USD 2,582,501.31 million) Rank 7th
Among India’s neighbors: Pakistan recorded a GDP of (USD 304,951.82 million) in 2017, Sri Lanka recorded (USD 87,174.68 million) and Bangladesh recorded (USD 249,723.89 million).
According to the World Bank's data, India's GDP has been a result of the good performances in the manufacturing sector driven by increased consumer spending.
The World Bank also noted that demonetisation in November 2016 and chaotic implementation of GST (goods and services tax) rollout in July 2017 were to be blamed for the extended slowdown of Indian economy but now the Indian economy has recovered from the effects of demonetisation and GST implementation and the predicted growth rate for India in 2018 is 7.5 percent.
Impression: In totality, India’s economy has shown a rapid progress, doubling its GDP in less than past 10 years and positioning India as the engine of economic growth in Asia at a time when the Chinese economy is shown definite signs of lethargy
