India overtakes France to become world's sixth-largest economy

Traders look at screens during a stock market fall

India has surpassed France to become world's sixth-largest economy in terms of gross domestic product (GDP), according to figures released by World Bank.

Its estimated show India will be a USD 7 trillion economy in 2028, as compared to less than USD 6 trillion and USD 5 trillion for Germany and Japan, respectively. India has doubled its GDP in the last ten years, but with 1.34 billion people - a population 20 times higher than in France, the European country has better living standards.

India's GDP reached $2.597 trillion in 2017, while it was at U.S. $2.582 trillion for France, the World Bank said.

But the outlook in terms of per capita GDP is rather dismal since India boasts a population of around 1.34 billion, and according to a 2017 United Nations report, is likely to surpass China as the world's most populous country around 2024.

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The Indian economy rebounded strongly from July 2017, after a slowdown that lasted three quarters. The World Bank forecasted India as the world's fastest growing economy "as factors holding back growth in India fade". Overall, India has made rapid progress, doubling its GDP in less than past decade and emerging as the engine of economic growth in Asia, especially with the Chinese economy showing definite signs of lethargy.

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.

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

The US topped the list, with a GDP of $19.390 trillion, followed by China, which had a GDP of $12.237 trillion.

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