<p class="title">India is no longer the world’s sixth-largest economy. It has slipped one notch and lost to France, according to the World Bank ranking of gross domestic product (GDP) of 205 countries in 2018.</p>.<p class="bodytext">In 2018, The World Bank calculated India’s GDP at $2.72 trillion, which is a notch below France’s $2.77 trillion. United States retains the fastest developing economy tag with a GDP of $20.5 trillion, followed by China at $13.6 trillion and Japan $4.9 trillion. Germany’s GDP is at $3.9 trillion. Both Japan and Germany have missed narrowly from becoming a $5 trillion and $4 trillion economies, respectively. The United Kingdom’s GDP is the fifth largest at $2.82 trillion as per the World Bank ranking.</p>.<p class="bodytext">In 2017, India had overtaken France to become the globe’s sixth-largest economy and its GDP was at $2.65 trillion. The World Bank ranking comes at a time when the country is aspiring to be a $5 trillion economy and looks forward to being the world’s fifth-largest by 2024-25, leaving France and United Kingdom behind.</p>.<p class="bodytext">Though India has retained its tag of the world’s fastest-growing major economy in 2018-19, growing at 6.8% and leaving China behind, its growth has slipped from the previous year’s 7.2%.</p>.<p class="bodytext">With the current global and domestic headwinds, global organisations like IMF and World Bank and, other rating agencies have cut India’s 2019-20 forecast to 7% or close to that. The Reserve Bank of India has revised FY20 growth forecast downward to 7%.</p>.<p class="bodytext">However, India needs to grow at 8% per annum to reach a $5 trillion economy by 2024-25. Economists say that is a far-fetched dream as 8% is close to impossible in the current year ending March 2020.<br /> </p>
<p class="title">India is no longer the world’s sixth-largest economy. It has slipped one notch and lost to France, according to the World Bank ranking of gross domestic product (GDP) of 205 countries in 2018.</p>.<p class="bodytext">In 2018, The World Bank calculated India’s GDP at $2.72 trillion, which is a notch below France’s $2.77 trillion. United States retains the fastest developing economy tag with a GDP of $20.5 trillion, followed by China at $13.6 trillion and Japan $4.9 trillion. Germany’s GDP is at $3.9 trillion. Both Japan and Germany have missed narrowly from becoming a $5 trillion and $4 trillion economies, respectively. The United Kingdom’s GDP is the fifth largest at $2.82 trillion as per the World Bank ranking.</p>.<p class="bodytext">In 2017, India had overtaken France to become the globe’s sixth-largest economy and its GDP was at $2.65 trillion. The World Bank ranking comes at a time when the country is aspiring to be a $5 trillion economy and looks forward to being the world’s fifth-largest by 2024-25, leaving France and United Kingdom behind.</p>.<p class="bodytext">Though India has retained its tag of the world’s fastest-growing major economy in 2018-19, growing at 6.8% and leaving China behind, its growth has slipped from the previous year’s 7.2%.</p>.<p class="bodytext">With the current global and domestic headwinds, global organisations like IMF and World Bank and, other rating agencies have cut India’s 2019-20 forecast to 7% or close to that. The Reserve Bank of India has revised FY20 growth forecast downward to 7%.</p>.<p class="bodytext">However, India needs to grow at 8% per annum to reach a $5 trillion economy by 2024-25. Economists say that is a far-fetched dream as 8% is close to impossible in the current year ending March 2020.<br /> </p>
