India overtakes France to become world's sixth-largest economy
11 July, 2018, 20:09 | Author: Eric Barnett
India has become the world's sixth-biggest economy, pushing France to seventh place, according to recent data from the World Bank.
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The June 2018 edition of the report stated that "robust private consumption and strengthening investment" will contribute to India's growth in Gross Domestic Product (GDP).
India's economy rebounded strongly from July 2017, after several quarters of slowdown blamed on economic policies pursued by Prime Minister Narendra Modi's government. India's growth accelerated to 7.7 per cent in the quarter ended March, up from 7 per cent in the previous quarter.
"India's economy (today) is robust, resilient and has potential to deliver sustained growth", said Ayhan Kose, Director of the Development Prospects Group at the World Bank.
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. At this pace, India's growth will be significantly faster than the IMF's world average of 3.9 percent in 2018.
But the outlook in terms of per capita GDP is rather dismal since India boasts a population of around 1.34 billion, and according to a 2017 United Nations report, is likely to surpass China as the world's most populous country around 2024. Despite India's per capita GDP rising to $7,170 in 2017, up from $6,690 the previous year, it only ranks 126th in the world as per International Monetary Fund data.
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. India will become the world's third-largest economy by 2032, said the report.
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