Global consultancy firm PwC said, "India and France are likely to surpass the UK in the world's largest economy rankings in 2019, knocking it from fifth to seventh place in the global table"
New Delhi: Prime Minister Narendra Modi’s major economic pushes have launched India far ahead of several significant countries in terms of GDP growth.
India, with a real GDP growth of 7.6%, has not only surpassed UK (growth rate: 1.6%), it has also likely to take over France (growth rate: 1.7%) in 2019.
Global consultancy firm PwC said, "India and France are likely to surpass the UK in the world's largest economy rankings in 2019, knocking it from fifth to seventh place in the global table.”
According to World Bank data, India became the world's sixth largest economy in 2017 surpassing France and was likely to go past the UK which stood at the fifth position.
Experts believe that one of the reason for this achievement is PM Modi’s well thought out and timely implemented economic policies. Be it demonitisation or GST, the Prime Minister was applauded for shepherding the momentum.
Recently, The International Monetary Fund's (IMF) forecasted that India's economy is expected to grow by 7.5% in the 2019-20 fiscal year, leaving behind China, which is estimated to grow by 6.2% in these two years, by over one percentage point.
The IMF saying that India would remain the fastest growing major economies of the world, attributed the pick up to the lower oil prices and a slower pace of monetary tightening.
Despite fiscal stimulus that offsets some of the impact of higher US tariffs, China's economy will slow down due to the combined influence of needed financial regulatory tightening and trade tensions with the US, the IMF said in its latest report.
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Last Updated Jan 23, 2019, 10:29 AM IST