Indian gross domestic product (GDP) amounted to $2.597 trillion at the end of 2017, against $2.582 trillion for France. Thus in American dollar terms India has become the world’s sixth-biggest economy, pushing France into seventh place, according to updated World Bank figures for 2017.
London-based Centre for Economics and Business Research, 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. Presently USA, China, Japan, Germany and UK are still ahead of India. What is most surprising is, how come UK is still being shown ahead of India. By now all the looted wealth from all over the world should be getting exhausted. So this position must be because of the highly inflated exchange rate between US dollar and the Indian Ruppee and that of British pound.
However in PPP terms which is a more accurate comparison, of economic state of affairs, India is now right behind Japan and thus the fourth largest economy in the world.
The country’s economy rebounded strongly from July 2017, after several quarters of slowdown.
India, with a population of around 1.34 billion, is poised to become the world’s most populous nation, whereas the French population stands at 67 million. This means that India’s per capita GDP continues to amount to just a fraction of that of France which is still roughly 20 times higher, according to World Bank figures.
Manufacturing and consumer spending were the main drivers of the Indian economy last year, even after the demonetisation and implementation of Goods and Services Tax (GST).
India has doubled its GDP within a decade and is expected to power ahead as a key economic engine in Asia, even as China slows down.According to the International Monetary Fund (IMF), 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.
This compares to the world’s expected average growth of 3.9 per cent.
