India has become world’s sixth-largest economy by surpassing France, according to the World Bank. Indian economy snatched the position from France by pushing its rank lower.
As per the report, India’s Gross Development Product (GDP) is reported at $2.597 trillion at the end of last year while France’s GDP stood $2.582 at trillion.
Further, United States remained as the world’s largest economy with a GDP of $19.39 trillion, followed by other nations namely China ($12.23 trillion), Japan ($4.87 trillion), Germany ($3.67 trillion) and the United Kingdom ($2.62 trillion).
According to the industry experts, Indian economy reported a shagged performance due to the demonetisation and Goods and Services Tax (GST). But it bounced back and its growth reached 7.7 per cent in the quarter that ended in March. In previous quarter it was at 7 per cent.
Last month, the World Bank projected that India may secure a growth rate of 7.3 per cent this year and 7.5 per cent for the next two years, becoming the fastest growing country among major emerging economies.
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