In the global ranking of GDP, the Indian economy has slipped to seventh rank. According to World Bank statistics for FY2018, India ranked seventh on GDP, while Britain and France reached the fifth and sixth places respectively. In 2017, India had surpassed France, but this time it has slipped.
In the case of GDP, the US economy remains at the top. In the year 2018, the US GDP was $ 20.5 trillion. China is the second highest place after US. During this period, China’s GDP was $ 13.6 trillion. With a GDP of 5 trillion dollars, Japan is on the third spot. Britain and France are at the fifth and sixth position in this list with a GDP of 2.8 trillion dollars, while India’s GDP was recorded at $ 2.7 trillion.
In the fiscal year 2017, the GDP of the Indian economy was $ 2.65 trillion, which made Asia’s third largest emerging economy the world’s fifth largest economy. During this period, UK’s GDP was $ 2.64 trillion and France’s 2.5 trillion dollars.
Economists say that the main reason for slipping down the Indian economy to seventh place in the financial year 2018 is the ups and downs of the rupee at the level of the rupee. Chief economist Devendra Pant in India Ratings and Research said, “In 2017, the rupee was stronger than the dollar, but weakness was recorded in 2018. Therefore, the weak rupee behind sliding in the GDP ranking and slowdown in growth.