Finally, Indians have something to cheer about their economy. According to the World Bank figures 2017, India has leapfrogged France to become the world’s sixth largest economy.
This is no doubt a huge achievement considering the constraints India face day in and day out. India’s GDP amounted to $2.597 trillion in the last year which was way ahead against $2.582 trillion for France.
No doubt, the figures indicate that Indian economy is back on track or rather rebounded from the second half of the previous year.
The good thing about the economy is the journey it is going through. With a much sensitive approach, India has doubled its GDP within a decade and that is not at all a mean achievement.
Even IMF has projected a growth of 7.4 percent this year and 7.8 percent in the next year. But there are other concerns as well. Comparing the data between India and France it can clearly seen that India is currently undergoing a population explosion.
With 1.34 billion right now, India is expected to become the world’s most populous nation whereas the French population stands at 67 million. This highlights the fact that India’s per capita income remains well below than that of France.
Anyhow it won’t be an exaggeration to say that there are chances that India may become the 5th largest economy very soon. Currently, US, China, Japan, Germany, UK are ahead of India.
The figures do give huge relief to the present Narendra Modi government as well. Post demonetization and implementation of GST, there were concerns whether the Indian economy is going to witness major slowdown.
Thankfully, it seems that the turnaround is evident and the central government deserves much applause for this. Let’s not forget that even superpower China is also facing a slowdown. By 2032, India can become the world’s third-biggest economy, which will be a milestone moment for the country which innovates its way in between all hurdles and constraints in its journey.