India out passes France to become the world’s sixth largest economy according to the World Bank Report for the figures of 2017.
According to the new report, India’s Gross Domestic Product grows to $2.597 trillion as against $2.582 Trillion last year. After several breakdown blamed on the economic policies of the Prime Minister Narendra Modi’s government, India’s Economy stand strongly on the July month.
India per capita GDP is still 20 times lower than that of France when Compared in terms of population as India has 1.34 billion inhabitants while France accounts for 67 million.
Despite of the recent historic change made in the Indian economy of Demonetisation followed by Goods and Service Tax, India retain the healthy position due to the improvement in the manufacturing and consumer spending which proved to be the main drivers.
India is projected to be at the growth rate of 7.4% this year and 7.8% in 2019 according to the International Monetary Fund (IMF) because of the boost in the household spending and tax reform.
The prediction for overcoming France becomes true and it can further extended to muscle Britain by this year’s end. As per London- based centre for Economic and Business Research consultancy, India will become the world’s third-largest economy by 2032.
The reports by the World Bank is topped by the US followed by China, japan and Germany.