Congratulations! India Is Now World’s 6th Largest Economy; World Bank Credits PM Modi!
India has beaten France to claim #6 position. US is still World's biggest economy.
World Bank has shared their latest numbers regarding economic growth of various countries, and there is some great news for India.
We are now world’s 6th largest economy, as we muscled past France and increased our GDP to $2.597 trillion.
In a major boost to the BJP Govt., World Bank has attributed India’s stellar performance to PM Modi’s strong decisions.
Indian Economy On The Rise!
As per 2017 data, France’s GDP is valued at $2.582 trillion, where India increased its GDP to $2.597 trillion, thereby grabbing #6 spot in the world order, defeating France.
US is still #1 economy of the world, followed by China at #2, Japan at #3 and Germany at #4. Britain’s economy was ranked #5 with GDP of $2.622 trillion.
However, when it comes to per capita GDP, then India is ranked far, far down compared to France, whose per capita GDP is almost 20-times that of India. This is mainly due to the massive population of India: Compared to 126 crore Indians, there are only 6.7 crore French.
As per The Economist Intelligence Unit, India’s GDP will become world’s 3rd largest by 2050, beating Germany, UK and Japan.
This has been supported by research from The London-based Centre for Economics and Business Research as well.
Besides, Centre for Economics and Business Research had released a report called the World Economic League Table (WELT) 2018 which predicted that in 2018, India will beat Britain and France to become World’s 5th largest economy.
PM Modi Is The Catalyst?
World Bank has stated that Indian economy was in shambles since last few years, but starting July 2017, the rebound took off magnificently based on PM Modi’s economic decisions.
This was the period when GST regime came into force, and demonetization had broken the black money nexus.
After the chaos of GST and demonetisation subsided, manufacturing and consumer spending together pulled Indian economy from the downward trend and reversed the trend.
January-March quarter of 2018 was the period when India broke all records, and the GDP grew by seven-quarter high of 7.7%, which shocked the economists, and made India a favourable destination for investment and FDI.
As per World Bank’s research, Indian economy is on a roll right now, and is expected to grow at 7.4% in 2018, and 7.8% in 2019, thereby beating China in growth.
Chinese GDP is expected to grow at 6.6% in 2018 and 6.4% in 2019, as per International Monetary Fund (IMF) April report.
We will keep you updated as receive more inputs.
Related:
Economic Survey 2018 Results – 4 Reasons To Celebrate; 3 Reasons To Be Cautious!
