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India Loses Its 5th Largest Economy Tag To The UK: World Bank Report
India has now taken a backseat to be the seventh largest economy globally with UK and France now ahead of it. In 2017, India stood at the fifth spot with its size at $2.65 trillion while the UK and France were at $2.64 trillion and $2.59 trillion respectively.
In accordance with the latest World Bank data, while India grew to $2.73 trillion economy in 2018, the UK and France were at to $2.82 trillion and $2.78 trillion, respectively, during the same period.
This drop in India's economic growth is mainly owed to rupee's movement against the dollar and because of it India registered a slow pace of growth in dollar terms of just 3.01% in 2018 in comparison to 15.72% in the previous year.
The latest data is of utmost importance for the Narendra Modi government who stressed to achieve being to $3 trillion by 2020-21 and $5 trillion by 2024-25 in the Full Budget 2019.
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