According to the World Bank Report, India has now become the sixth largest economy in the world, having pushed France to the seventh place.
This position has been attributed to India after a comparison of the Gross Domestic Products (GDP) of India and France, for the year 2017. Indian GDP faired a USD 2.597 trillion last year, overtaking France’s GDP of USD 2.582 trillion.
The International Monetary Fund (IMF) has predicted the Indian economy to grow at a rate of 7.4% in 2018 and an even higher rate of 7.8% in 2019.
The World Bank explained the growth to have occurred due to a increased consumer spending, leading to a massive push for the Manufacturing Sector.
The World Bank also pointed out that the Demonetisation in November 2016, and the hasty implementation of the Goods and Services Tax (GST) in July 2017 should be blamed for the extended slowdown of the economy.
The slows aside, Indian economy has had a very healthy decade. In fact, the economy has not seen a significant low in this century, and has consistently been growing at a rate of 7% since 2014, when Mr. Narendra Modi was sworn in as the Prime Minister. Next year, the Indian economy will become one-third bigger than 2014, when Mr. Modi took over as PM.
Presently, the world’s six biggest economies are: USA, China, Japan, Germany, UK and India (according to it’s nearly acquired status).
India had started the decade behind France, Italy and Brazil, but in the past 4 years, it has overtaken all of them.
However, the greater question is, do these overtakes in any way mean that the quality of life of an Indian, is now better than that of the citizens of these countries.
The grim reality is that although the GDP of India is higher than that of France, our per capita GDP still remains far behind.
The reason is the enormous population figures of India, nearly 134 Crores as against 6.7 Crore of France. The same story applies to these other countries.
Keeping this reality in mind, let us definitely rejoice and congratulate ourselves for making it to this position.
Hopefully, as India climbs higher up in the ladder in the coming years, coupled with prudent efforts for population control, the plight of the common Indian will actually come at par with the standards in these countries.