India has become world’s 5th largest economy

India has overtaken France and the UK to become the world’s fifth-largest economy, as per IMF’s October World Economic Outlook.

The IMF data from last year shows that when ranked by nominal GDP, India has jumped past both France and the UK to regain its fifth-largest economy spot. On the other hand, India's real GDP is predicted to witness slow growth in the year ahead due to credit weakness. 

India had previously slipped down the seventh position following a major slowdown in economic growth.  However, despite the current jump, India is battling with challenges concerning sustainability and infrastructure. 

India’s GDP growth: Key Highlights

• In 2010, India was placed 9th among the world’s largest economies, behind countries including Italy and Brazil. The United States was ranked first then, followed by China, Japan, Germany, France, the United Kingdom, Brazil, Italy, India, and Russia.

• As per the 2017 World Bank report, India had become the fifth largest economy, overtaking France and the UK for the first time. But the 2018 data showed that the two nations had once again moved ahead of India to reclaim their spots, while India was pushed to the 7th spot. 

• In 2019, however, India’s fortunes changed and it jumped to the 5th spot, again surpassing the UK and France. While the UK remained at its 6th spot, France slipped to the 7th position.

• India’s rise, when seen across the past 25 years, is even more dramatic, as its nominal GDP has risen by more than 700 percent since 1995.