The Indian economy has fallen to the seventh position in the world ranking of GDP.
According to data released by the World Bank in Fiscal Year 2018, the Indian economy ranks seventh in terms of GDP. Britain and France have jumped to fifth and sixth, respectively, behind India. In 2017 India had overtaken France. But this time the Indian economy is lagging behind.
The Modi government is believed to be a major blow to the Center, expressing confidence that it will reach the goal of a $ 5 trillion economy in the next five years.
The US economy is at the top in terms of GDP. The US GDP in the fiscal year 2018 is $ 20.5 trillion. China is in second place after the United States. China has a GDP of $ 13.6 trillion, while Japan ranks third with $ 5 trillion of GDP.
Britain and France are fifth and sixth on the list, with GDP at $ 2.8 trillion. India’s GDP, which fell in seventh place, is at $ 2.5 trillion. The GDP of the Indian economy in 2017 was 2.65. India had earned the honor of being the fifth largest economy in the world. Britain’s GDP at that time was $ 2.64 trillion. France’s GDP was $ 2.5 trillion.
According to economists, fluctuations in the rupee level are the main reason for the decline in the seventh position of the Indian economy in 2018.
According to Devendra Pant, chief economist at India Ratings and Research, ‘the rupee was stronger than the dollar’ in 2017. However, the rupee weakened against the dollar in 2018. This is the main reason behind the decline of the Indian economy in the GDP rankings.
Writer: Himani Ranade