India at 7 in GDP ranking |
Indian economy which was going strong till some time back, has been pushed to the seventh place in the global GDP rankings in 2018 with the UK and France forging ahead to the fifth and sixth spots, as per data compiled by the World Bank. In 2017, India was at $2.65 trillion, UK at $2.64 trillion and France at $2.5 trillion, helping the third-largest economy in Asia to emerge as the fifth largest economy at that time. India still remains the fastest-growing major economy in the world, although growth is estimated to slow to 7% in the current fiscal year that ends in March. China is expected to face a sharper slowdown due to the ongoing tariff war with the US. Indian government has unveiled a plan to emerge as a $5 trillion economy by 2024-25 and the Economic survey for 2018-19 has said that the country needs to sustain a real GDP growth rate of 8% to achieve the goal. While growth is expected to be in the 7% range in the current fiscal year, it is expected to gather momentum and push past over the 7% mark next year as the impact of the measures unveiled by the government takes hold.
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