New Delhi: India now stands seventh in 2018 global GDP (gross domestic product) rankings, according to a World Bank report. In the previous year, India stood at number five.
The United States, China, and Japan obtained the top three spots, with a GDP of $20.5 trillion, $13.6 trillion and nearly $5 trillion, respectively.
Germany ($4 trillion), the UK ($2.8 trillion) and France ($2.77 trillion) secured the fourth, the fifth and the sixth places, respectively.
India’s GDP is 2.72 trillion, although the government has set a target of $ 5 trillion by 2025.
India’s was enjoying a GDP of $2.65 trillion in 2017.
What is the reason for decline of India’s ranking?
According to economists, the ranking has been affected due to currency fluctuations and a slowdown in growth. Rupee fell by 5% in 2018 compared to 2017.
Annual GDP growth at 8% needed for 5 trillion dollar economy: Economic Survey
GDP growth was at 6.8% in 2018-19. This is the lowest in 5 years. According to the economic survey, the average growth rate in the last 5 years is 7.5%. According to the survey, to achieve the goal of $ 5 trillion economy by 2025, 8% growth is needed every year. Consumption and investment will play an important role in this.