World Bank data for 2018 reveals that India has been pushed to the seventh place in the global GDP rankings with the UK and France going ahead to the fifth and sixth spots.
The change in ranking comes in after India had emerged as the sixth largest economy in the 2017 report, it then pushed France to the seventh place in the global GDP league standings.
The United States remains the top spot with a GDP value of $20.5 trillion in 2018. The American nation was followed by China ($13.6 trillion), Japan ($4.9 trillion) and Germany ($3.9 trillion).
“In 2017, the rupee appreciated against the dollar, and in 2018 it depreciated against the dollar. So, it is largely due to currency fluctuation and the growth slowdown,” Devendra Pant, chief economist at India Ratings was quoted as saying by an daily.
In May this year, India became the second fastest-growing major economy to China after the government announced that the Gross Domestic Product growth rate had declined to 5.8% in the last quarter of the financial year 2018-’19.