As per the World Bank's updated data for 2017, India has edged past France and snatched the tag of the world's sixth-largest economy from it, sending it a rank lower. The number indicates that per capita income in France is nearly 20 times higher compared with India.
With the growth forecast of 7.3% in 2018-19, India has been termed world's fastest growing major emerging economy. While India's population is 1.34 billion, France has 67 million people. India's Gross Domestic Product was $2.597 trillion (Rs 178 lakh crore) at the end of a year ago against $2.582 trillion (Rs 177 lakh crore) for France.
The Indian economy rebounded strongly from July 2017, after a slowdown that lasted three quarters.
According to India Today, the World Bank noted that the Indian economy has benefitted from robust performances in manufacturing sector driven by increased consumer spending.
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"India's GDP growth bottomed out in the middle of 2017 after slowing for five consecutive quarters, and has since improved significantly, with momentum carrying over into 2018 on the back of a recovery in investment", said the report.
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.
The ninth-edition of the World Economic League Table (WELT) released by CEBR said that Indian economy will overtake the United Kingdom and France in real money dollar terms by the end of this year.