India becomes 6th Largest Economy, displacing France
India becomes 6th Largest Economy, displacing France

According to the recent World Bank’s report, India is now the world’s sixth largest economy with a GDP of US$2.6 trillion in 2017, displacing France.

With the growth projections of above 7.4 %, it is rapidly racing upwards, expected to displace UK next year, to occupy the fifth rank.

Having doubled its GDP within a decade, India’s GDP amounted to $2.597 trillion at the end of last year, compared to $2.583 trillion for France.

The main drivers of the Indian economy were Manufacturing and consumer spending last year, post GST implementation and demonetization. The US is the world’s top economy, followed by China, Japan, Germany and Britain.

According to IMF, India is projected to generate growth of 7.4% this year and 7.8% next year.

India is expected to power ahead as key economic engine in Asia.