India has overtaken France to become the sixth-largest economy in the world, according to the figures released by the World Bank. The US still tops the list, followed by China, Japan Germany and Great Britain.
It is reported that India's Gross Domestic Product (GDP - the sum total of goods and services produced in the country in a given year) for the year 2017 was $2.597 trillion, which is higher in comparison to France, whose GDP in the same period stood at $2.582 trillion.
The change is buoyed by the fact that India's economy is projected to grow at a pace of 7.4% in the 2018 fiscal, and that figure is pegged to increase to 7.8% in 2019, as per the International Monetary Fund's report.
The projected figures are also greater than those of China, which are projected to grow at 6.6 and 6.4%.
Speaking about this in April, the IMF had said, "Growth is expected to moderate gradually in China (though with a slight upward revision to the forecast for 2018 and 2019 relative to the fall forecasts, reflecting stronger external demand), pick up in India, and remain broadly stable in the ASEAN-5 region."
India's growth rate is significantly higher than the world average growth rate, which is currently projected at 3.9%.
The high GDP growth rate achieved by India over the last few years has seen India becoming the fastest-growing major economy in the world. Over the past decade, the GDP of the country has doubled, and the pace is expected to continue.
Barring a transient slowdown post demonetization and the introduction of the GST, the economy has consistently posted growth rates in excess of 7% -- something few countries can match. A key factor for the increase is growth in manufacturing and an increase in consumer spending which has picked up again in the quarters following the biggest indirect tax reform in India's history.
The figures above are from the Central Statistics Office (CSO) of the Ministry of Statistics and Programme Implementation.
As per the latest figures released by the Central Statistics Office, the Indian economy had grown at a rate of 7.7% in the fourth quarter of FY 2017-18, and at 6.7% for the full year. Speaking to Republic TV then, Principal Economic Advisor to the Finance Ministry Sanjeev Sanyal called the numbers "strong", stating that he was very pleased with the economic recovery and adding that the on-ground growth entailed was being seen, among other places, in the rapid growth being witnessed in India's infrastructure.