India, with a gross domestic product (GDP) of $2.597 trillion last year end, is now the world's sixth-biggest economy, pushing France into the seventh place, according to updated World Bank figures for 2017. France’s GDP was $2.582 trillion. This means India's per capita GDP continues to be one-twentieth of that of France, whose population is 67 million.
India's economy rebounded strongly from July 2017, after several quarters of slowdown attributed to the government’s economic policies, which included de-monetisation of large banknotes and implementation of a new tax regime, global news wires reported.
Manufacturing and consumer spending were the main drivers of the Indian economy last year.
The International Monetary Fund has projected India will generate a growth of 7.4 percent this year and 7.8 percent in 2019, boosted by household spending and a tax reform.
London-based consultancy Centre for Economics and Business Research had said at the end of last year that India would overtake both Britain and France this year in terms of GDP, and had a good chance to become the world's third-biggest economy by 2032.
At the end of 2017, Britain was still the world's fifth-biggest economy with a GDP of $2.622 trillion. The United States is the world's top economy, followed by China, Japan and Germany. (DS)
Fibre2Fashion News Desk – India