As per the freshest data forged in by the World Bank, India has been pushed to the seventh spot in the world’s GDP ranking of 2018. India had emerged as the sixth-largest economy in 2017 and was ahead of France in the GDP league table. However, as per the new reports, France claimed the sixth spot in 2018 pushing India to the seventh. Economists cite fluctuations and slowdown in growth the reasons behind the same.
“In 2017, the rupee appreciated against the dollar, and in 2018 it depreciated against the dollar. So, it is largely due to currency fluctuation and the growth slowdown,” said Devendra Pant, chief economist at India Ratings and research.
The Year That Passed
The US, with its $20.5 trillion worth economy in 2018, remains on top of the list followed by China. China has an economy worth $13.6 trillion. The third-place has been claimed by Japan ($5 trillion) followed by Germany with its $4 trillion worth economy. Further down on the list are UK and France with a $2.8 trillion economy each. India’s GDP stood $2.7 trillion in 2018.
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In 2017, India emerged as the third-largest economy in Asia and fifth-largest the world with its $2.65 trillion worth economy. In the same year, the UK stood at $2.64 trillion and France at $2.5 trillion. Despite the recent slow growth in India’s economy, it still maintains the fastest growing economy tag.
Further, the clouds of slow economic growth have been hovering over China due to their ongoing tiff with the USA. As per economists, China in the coming months will face a sharper slow down in their economy giving India a chance to fill the void and overtake the UK as the fifth-largest economy in the world in 2019.
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The center has been eyeing to boost the Indian economy to a $5 trillion economy by 2024-25. Apparently, India will have to maintain a GDP growth of 8% to achieve the same, which in the current fiscal years is 7%. Most economists believe that the economy will gather momentum in the coming months once the measures taken by the government to boost the economy start to reek off results.