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.
  

India 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 France pulled India back at the seventh spot.

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 Narendra Modi has set a target to double India's economic growth to $5trillion by 2024. He wants India to become the world's second-largest economy by 2030.

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.