National / World

India beats France to become world’s sixth largest economy


Paris/New Delhi, Jul 11 (AFP): India has become the world’s sixth-biggest economy, pushing France into seventh place, according to updated World Bank figures for 2017.

India’s gross domestic product (GDP) amounted to USD 2.597 trillion at the end of last year, against USD 2.582 trillion for France.

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, with around 1.34 billion inhabitants, is poised to become the world’s most populous nation, whereas the French population stands at 67 million.

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.

Manufacturing and consumer spending were the main drivers of the Indian economy last year, after a slowdown blamed on the demonetisation of large banknotes that PM Modi imposed at the end of 2016, as well as a chaotic implementation of a new harmonised VAT regime.

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.

According to the International Monetary Fund, India is projected to generate growth of 7.4 per cent this year and 7.8 per cent in 2019, boosted by household spending and a tax reform.

This compares to the world’s expected average growth of 3.9 per cent.

The London-based Centre for Economics and Business Research, a consultancy, said at the end of last year that India would overtake both Britain and France this year in terms of GDP, and had a good chance to become the world’s third-biggest economy by 2032.

At the end of 2017, Britain was still the world’s fifth-biggest economy with a GDP of USD 2.622 trillion.

The US is the world’s top economy, followed by China, Japan and Germany.


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Comment on this article

  • mohan, Mangalore

    Thu, Jul 12 2018

    France economy is much better than India......France percapta income us ten time more than India....... India's percapta income is less than Pakistan..

    DisAgree [1] Agree Reply Report Abuse

  • Mangalurian, Mangaluru

    Thu, Jul 12 2018

    Population of France: 65 million (6.5 crores).

    Population of India: 1,342 million (134.2 crores).

    DisAgree Agree [3] Reply Report Abuse

  • Michael, Mangalore/US

    Wed, Jul 11 2018

    This is one of those achievements and there are many more to come in future. Whether someone likes it or not. the World is not after India for business just like that. There is a lot happening in terms of development. Some people are so frustrated that they can't not stay away from commenting and also can not praise the Government. But some are obviously missing. Take rest guys.

    DisAgree [1] Agree [2] Reply Report Abuse

  • geoffrey, hat hill

    Thu, Jul 12 2018

    Be specific and stop making blanket statements for heaven's sake! See where India rupee is against US dollar for starters.

    DisAgree [2] Agree [1] Reply Report Abuse

  • Dr.S.Kamath, Mumbai

    Wed, Jul 11 2018

    Per capita income low
    We should compare with China not with France
    Etc etc is ok
    But why not cheer some thing good news about Indian Economy?
    Just because they hate BJP and Modi
    So sorry because much more good news are in the pipeline for India in future under Modi

    DisAgree [1] Agree [9] Reply Report Abuse

  • Bennaje, Mumbai

    Thu, Jul 12 2018

    Dr Kamath..quack quack quack! Facts are always bitter is it not? You seems to be one of those who suggest surgery in place of giving simple medicine. Pun aside.

    GDP means nothing. Compare the population of India and France and then try to justify the biggest economy. Did the economic growth create more jobs? No. Has the unemployment gone down? No, infact it is gone so high, educated young are desperate to get into any jobs they can get - including pakoda business. The real truth always lies in Per capita income. Where are we with per capita? Ours is under USD 2K Vs Indonesia's 4K and China's 7.13K. It is per capita that tells the real story of growth.

    DisAgree [1] Agree [2] Reply Report Abuse

  • John Tauro, M'luru / Kwt

    Thu, Jul 12 2018

    GDP is calculated in proportion to the country's population. Presently GDP in proportion to India's population happens to be little higher than GDP of France in proportion to their own population.

    DisAgree Agree Reply Report Abuse

  • Alwyn, Mangalore

    Wed, Jul 11 2018

    It is a good move but how long it will remain GOK. [GOK= God Only Knows]
    We are largest Sixth in Economy but what about Job opportunity?
    What about minimum wages per person?
    What about living cost per person per day?
    What about the quality of Air, Water, Land, Transportation, Living, and Environment?
    What about the amount of loan India took from other countries and world bank?

    DisAgree [5] Agree [3] Reply Report Abuse

  • rao, puttur

    Wed, Jul 11 2018

    This is bound to happen when the economy is growing fast.

    DisAgree [1] Agree [4] Reply Report Abuse

  • D.Shetty, Mangalore

    Wed, Jul 11 2018

    need to control population growth to increase per capita income and to control on utilization of resources... 2 child policy should be strictly imposed ,, problem is vote bank of opposition...

    DisAgree [4] Agree [15] Reply Report Abuse

  • Mangalurian, Mangaluru

    Thu, Jul 12 2018

    Do not know which opposition you are talking about.

    In the BIMARU-Guj belt, it is still 8-12 children norm per family.

    The BJP counts the BIMARU-Guj belt as its major support base. Real education is hardly given any importance in this region.

    DisAgree Agree [1] Reply Report Abuse

  • 57"Chest, Mangalore

    Wed, Jul 11 2018

    Just one time by few numbers doesn't make a big difference. India can not be compared with France with per capita growth, living standard, infrastructure, environment, advancement in technology and modernization. We are still struggling with toilets to dispose off our bodily waste by civilized manner.

    DisAgree [8] Agree [17] Reply Report Abuse

  • Nayak, Udupi/Blore

    Wed, Jul 11 2018

    Not a good news for slaves

    DisAgree [6] Agree [14] Reply Report Abuse

  • nagesh nayak, bangalore

    Wed, Jul 11 2018

    SLEEPLESS NIGHTS,
    SLEEPLESS NIGHTS,
    SLEEPLESS NIGHTS....

    HATS OF TO YOU SREEMAN NARENDRA MODIJI.

    DisAgree [29] Agree [25] Reply Report Abuse

  • Sheikh M, Mangalore

    Wed, Jul 11 2018

    Now bakts start beating drums all over India
    I guess this Business Research center influenced by Modi wave

    DisAgree [19] Agree [18] Reply Report Abuse

  • JAGDISH, mumbai

    Wed, Jul 11 2018

    AND YOU ARE STILL BEHIND SHARIA LAW & COURT..HAHAHA

    DisAgree [12] Agree [16] Reply Report Abuse

  • NN, NN

    Wed, Jul 11 2018

    SLEEPLESS NIGHTS because there are no proper toilets.

    DisAgree Agree Reply Report Abuse

  • Tilak Kamath Mithrabettu, London

    Wed, Jul 11 2018

    Important to note India's per capita GDP is still much much lower than that of France. For comparison, per capita of China is 2.5x more than that of India's. Yes India's moving forward, but best to compare apples to apples and not to oranges.

    DisAgree [7] Agree [23] Reply Report Abuse

  • Navin, Kundapur

    Wed, Jul 11 2018

    This fool company trying to fool whole world..last time modi visit to times sqare they wasted lot of money for publicity....

    DisAgree [9] Agree [10] Reply Report Abuse

  • Deva, Pilar

    Wed, Jul 11 2018

    We want to see India becoming no. 2 in world after China based on Population...

    DisAgree [3] Agree [23] Reply Report Abuse

  • Bhaskar P, Mangalore

    Wed, Jul 11 2018

    Number game doesn't give any difference on Indians individual economy as long as one control India's huge population

    DisAgree [1] Agree [7] Reply Report Abuse

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