India beats France to become world’s sixth largest economy

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India has become the world's sixth-biggest economy, pushing France into seventh place, according to updated World Bank figures for 2017. Resultantly, France's per capita income is almost 20 times higher than India's.

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

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.

Last year, it predicted that over the next three decades, the global economy will be dominated by China, and the U.S. economy will lose steam and fall behind India. 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.

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The US topped the list, with a GDP of $19.390 trillion, followed by China, which had a GDP of $12.237 trillion. While India's population is 1.34 billion, France population is just 67 million.

Its estimated show India will be a USD 7 trillion economy in 2028, as compared to less than USD 6 trillion and USD 5 trillion for Germany and Japan, respectively.

"India's GDP growth bottomed out in the middle of 2017 after slowing for five consecutive quarters, and has since improved significantly, with momentum carrying over into 2018 on the back of a recovery in investment", said the report.

London-based consultancy, the Centre for Economics and Business Research's 2018 World Economic League Table recently predicted that the Indian economy will overtake the United Kingdom, too, in real money dollar terms in 2018. And by 2032, India will emerge as the world's third largest economy.

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