India world’s 6th largest economy

As per the database of IMF’s World Economic Outlook (WEO) for April 2018, India is the world’s 6th largest economy with record Gross Domestic Product (GDP) of $2.6 trillion for 2017. The five economies ahead are the United States, China, Japan, Germany and United Kingdom. This is the first time India crossed the $2.5 trillion yardstick used to distinguish between the big economies and the rest if the world. Further, the IMF has said that India is expected to grow at 7.4% in 2018 and 7.8% in 2019, up from 6.7% in 2017. Apart from this, the World Bank has also forecasted India’s GDP growth from 6.7% in 2017 to 7.3% in 2018 and to subsequently stabilise at 7.5% in 2019 and 2020.

Month: Current Affairs - April, 2018