India is now the 6th largest Economy of the world overtaking France.
Currently, India is the faster growing major economy of the world. It is on track to be the 5th largest economy by end of 2018 overtaking United Kingdom(UK) which is currently the 5th largest economy of the world.
According to an update from the world bank and figures on GDP of countries, India has become the world’s 6th largest economy of the world surpassing France to Seventh Place.
India’s Gross Domestic product(GDP) amounts to $2.6 trillion USD dollar which is 17,80,91,42,00,00,000 in Indian rupee against 2.582 trillion dollars for France.
But the fact remains that the standard of living of Indians will take decades to reach British levels. According to World bank in 2017 UK’s per capita Income was $42,515 Whereas Indians earn $1964 So it may well take another century for Indians to reach anywhere close to what an average Brit earns and spends.
Here is a comparison on Size of the economy, Per-capita income, Population.
The Next two Stats is not very good for India and we need to work on it to see any changes on the ground.
Our Population is 60 to 70 times more than these countries. that means that people of these countries have 60 to 70 times more money than an average India.
But it would not be fair for India to be directly compared with these countries because these countries were never colonized and their economy was not broken systematically. Indian on the other hand was lotted for many centuries and whatever we have achieved in this 70 year of independence is still remarkable.
- We are the fastest growing economy in the world
- We are the 6th largest economy of the world
- We have the 4th most powerful military in the world
- We are the first country of the world who have done Moon and Mars Mission in the very first attempt.
- We are the largest software services provider of the world.
The list is endless
We can do a fair comparison between India and African Union(all countries of Africa put together)
To see the ground level changes India needs to become a large exporter. there is a list of largest exporter countries of the world and we definitely need to improve on it.
We still have a long way to go but if we can maintain a growth rate of 7.5 to 8% annually then India will be the richest country of the world by 2047 exactly 100 years after our independence.
Interesting fact: In the 2000 years of recorded history of countries wealth, India has ranked number 1 for 1300 years so it has been the richest country of the world from a very long time and time has come that it reclaims it position once again.
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