India slips in World Bank ranking as it dreams of turning into a $5 trillion economy
- India stood seventh in the rankings of the world's largest economies.
- India’s GDP grew from $2.65 trillion in 2017 to $2.72 trillion in 2018.
- However, it is a setback for the economy as it ranked sixth in 2017.
AdvertisementIndia has slipped a rank in terms of gross domestic produce (GDP) to become the seventh largest economy in the world, as per World Bank data.
India's Gross Domestic Product stood at $2.72 trillion. However, the growth in the UK and
The United States topped the list of the world's largest economies with $20.5 trillion GDP. The next three places went to China at $13.6 trillion, Japan at $4.9 trillion and Germany at $3.9 trillion.
In 2017, India was the sixth-largest economy in the world. It had then overtaken the UK and France for a brief period. UK's GDP was $2.64 trillion whereas India's GDP stood was at $2.65 trillion, said Business Standard.
$5 trillion economy
This recent development might not come as good news for the government which is looking at high growth. Prime Minister
Earlier this year, China also overtook India to become the world's fastest-growing economy after India reported a decline in GDP to 5.8% in the last quarter of FY 2018-19.
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