India ($2.597 tr) was on the 6th position in 2017, ahead of just France ($2.582 tr). But the latest data suggests India was in fact the fifth-largest economy at $2.65 tr, while the UK’s GDP was at $2.64 tr, followed by France at $2.5 tr in 2017. The United States ($20.49 tr), China ($13.6 tr) and Japan ($5 tr) are the three largest economies in the world, according to the data.
But now, India has slipped to the 7th position in the global gross domestic product (GDP) rankings in 2018, marginally behind the United Kingdom and France, according to World Bank statistics. India saw its GDP rise from $2.65 tr in 2017 to $2.73 tr in 2018, when UK and France were ahead at $2.82 tr and $2.77 tr respectively.
Germany was the fourth largest economy in 2018 with the GDP of $4 tr. Experts have cited the movement of the Indian rupee against the dollar as the reason for India slipping behind the two European countries.
In its first budget in its second term, the National Democratic Alliance government in India has laid out its plan to make the country a $5-tr economy by 2025. The Economy Survey for 2018-19 had prescribed that the Indian economy needs to grow at a rate of 8 per cent to achieve this target.