Indian economy jumps one place and becomes the sixth largest economy in the world replacing France.

As per a World Bank report released for the calendar year 2017, GDP of India stood at USD 2.597 trillion as against USD 2.582 trillion of France. France now occupies seventh place. UK at USD 2.622 trillions of GDP is the fifth largest economy.

During the current year 2018, India’s economy is projected to grow at over 7.4% and will replace UK to become the fifth largest. In the calendar year 2019, India is projected to grow at 7.8%. The world average will be 3.9%, half of India’ growth. It is likely to stay at this fifth place for over a decade. There is substantial gap between the fourth place Germany and the third place Japan with economies over 4T and 5T respectively.

It is to be noted that, though we might have surpassed the French economy and this year we will overtake the British economy as well, the population of these two nations is very small as compared to India. France is all of 6.6 cr as against 130 cr of India. Hence, at almost the same GDP level, a Frenchman is twenty times richer than an Indian. The per person income gap, thus, is huge. Same is while comparing witht the UK. When compared to Germany and Japan an average Indian is left to be even more poorer. But we are on the right track.

The economists predict that by 2032, India would become the third largest economy after China and the USA.