India becomes sixth largest economy overtaking France

India, the world’s fastest growing economy, has overtaken France to become sixth largest, recent data from the World Bank show. The South Asian nation’s gross domestic product (GDP) went up to $2.597 trillion at the end of 2017, compared with France’s $2.582 trillion. Although India’s GDP had doubled in the past decade, it could not match France’s better living standards because of its rising population which currently stands at 1.34 billion, 20 times that of France. Although India’s economic growth slowed a bit because of the impact of major currency and tax reforms, it has gained momentum and the World Bank predicts 7.5% growth for 2019-20. Ayhan Kose, director of the Development Prospects Group at the World Bank, described India’s economy as robust and resilient with a potential to deliver steady growth thanks to robust private consumption and rising investment. London-based banking firm HSBC has predicted that India can overtake Japan and Germany to become the third largest economy in the next decade. Consulting firm PricewaterhouseCoopers (PwC) agrees with this view.