India becomes world sixth largest economy: Leaving France behind, India has become the sixth largest economy in the world. India was before the seventh and France was on the sixth position.
India becomes world sixth largest economy –
The World Bank has presented this report on Wednesday (July 11th). World Bank has ranked this country on the basis of 2017 Gross Domestic Product (GDP) of all countries.
India in sixth place
In this report, the United States is the world’s largest economy with $ 19.390 trillion GDP. China is second with $ 12.237 trillion GDP! After China, it comes to Economy of Japan, Germany and the UK.
India is at sixth place, with GDP of $ 2.597 trillion in 2017. France’s GDP is at $ 2.582 trillion on the seventh number. However, talking about Capita Income (PCI) GDP, India is still behind France in this case. Capita GDP on France is 20 times more than India.
Indian economy declines
Earlier, World Bank had said in a report that due to Demonetization and GST, there was a decline in Indian Economy for the first few months of 2017. But due to some of the beneficial reforms initiated by the Government of India, India got out of it and the economy came back on track.
India’s Growth Rate
In the report of World Bank, in 2018 India’s growth rate increased to 7.3 percent! At the same time, the International Monetary Fund (IMF) also said that India’s Growth Rate was 7.4 percent for 2018. IMF expects India to become the world’s fastest growing economy in the coming year. International Financial Organization (IFO) has expected India’s growth rate to be 7.8 percent in 2019.
GDP Country’s Economic Advancement Information
Significantly, GDP tells the economic condition of any country. GDP is the total cost of manufacturing Goods and Services within the country during a Limited Period. It is calculated every 3 months in almost all countries including India. Agriculture, industries and services in India are the 3 major sectors whose growth or decrease in production has an impact on GDP. GDP gives information about the country’s economic advancement.