India emerged as the world’s sixth largest economy in 2017 surpassing France and likely to go past the United Kingdom, which is at the fifth position, according to an analysis of data compiled by the World Bank. In 2017, India became the sixth largest economy with a Gross Domestic Product (GDP) of USD 2.59 trillion, relegating France to the seventh position. As per the data, the GDP of France stood at USD 2.58 trillion. The United Kingdom, which is facing Brexit blues, had a GDP of USD 2.62 trillion, which is about USD 25 billion more than that of India, the data showed. The US is the world’s largest economy with a size of USD 19.39 trillion, followed by China (USD 12.23 trillion) at the second place. Japan (USD 4.87 trillion) and Germany (USD 3.67 trillion) are at the third and fourth places, respectively. Based on GDP size, other three countries in the top ten are Brazil (8th), Italy (9th) and Canada (10th). Indian government has taken various reform measures to improve the ease of doing business in recent years. These include implementation of the Goods and Services Tax and the IBC (Insolvency and Bankruptcy Code). The country’s economy grew at a seven-quarter high of 7.7 per cent in the three months ended March 2018, helped by higher government spending and investment. As per the IMF’ World Economic Outlook released in April this year, the size of the Indian economy was pegged at USD 2.61 trillion, ahead of France with a GDP of USD 2.58 trillion. The International Monetary Fund (IMF) pegged the size of the UK’s economy at USD 2.62 trillion, slightly bigger than India.<doc-sep>Arun Jaitley said this a day after World Bank's rankings placed India as the world's 6th largest economy India can become the worlds fifth largest economy soon if firm growth continues, Union Minister Arun Jaitley said yesterday. His comments came a day after the World Bank's latest rankings placed India as the world''s sixth-largest financial system, ahead of France in seventh place. As per the World Financial Institution data for 2017, India''s GDP amounted to $2.597 trillion as compared to $2.582 trillion for France. "India can become world''s fifth largest economy if firm growth continues," Mr Jaitley said in a video address at a National Bank for Agriculture and Rural Development (NABARD) event. Noting that the economy is in a stable condition, he said there should be added focus on eliminating agrarian distress. In this connection, the recent move to hike the Minimum Support Price (MSP) for farmers will help eradicate farmer distress that was rampant last year, he said. The decision to extend the MSP is an enormous step to scale back the plight of farmers within the nation, he said. "NABARD has played a crucial role in shaping the agrarian sector." The NDA government is paying particular attention in improving the country''s rural infrastructure, he added.<doc-sep>Union Minister Arun Jaitley today exuded confidence that India will pip Great Britain to become the fifth largest economy in the world next year if economic expansion continues at the projected rate. However, rising international crude oil prices and the global trade war would throw up challenges going forward, he said. "If we keep growing at the rate which is being projected, it is likely that next year we will be the fifth largest economy ahead of Great Britain," Jaitley said in a Facebook post titled 'The Congress Gave Slogans to Rural India - Prime Minister Modi Gave Resources'. "This is in consonance with the rest of the narrative. Being the fastest growing economy for the last four years, we can look at the next decade as one of economic expansion," he added. A latest World Bank report has said that the Indian economy has become world's sixth-biggest economy, pushing France to seventh place. The US tops the list followed by China, Japan, Germany and Britain. The new calculations were arrived on the basis of Indian economy's performance in 2017. India's gross domestic product (GDP) was valued at USD 2.597 trillion at the end of 2017 overtaking the French economy, which was amounted at USD 2.582 trillion last year. "We have already seen a significant move up in India's ranking in the ease of doing business and as a preferred investment destination. Today we stand to be tested in the midst of a global challenge thrown up on account of the international crude oil prices and the trade war," Jaitley said. Crude oil prices, which were around USD 66 a barrel, in April are now hovering around USD 75 a barrel. The Indian economy is estimated to grow at 7-7.5 per cent in the current fiscal, higher than 6.7 per cent growth clocked in 2017-18 fiscal. "The recently released World Bank data reveals that India has now become the sixth largest economy relegating France to the seventh position. Obviously, on account of disparity in the size of the population, there would be a very significant difference in the per capita of the two countries," he said. The NDA government, under Prime Minister Narendra Modi, has ensured that rural India and the less privileged get the first right on resources and if this, along with increased expenditure, continues for the next decade the impact on India's rural poor would be significant, he said. "This benefits all – irrespective of religion, caste or community. The Congress provided India's poor with slogan. Prime Minister Modi has given them resources. This will ensure faster growth and lead to a faster depletion in the poverty," Jaitley added. He said the Congress party in 1970s and 1980s followed the model of "populist slogans" rather than "sound policy and actual expenditure for the welfare of the poor". "The 1971 ‘Garibi Hatao' model was one of redistribution of poverty rather than the generation of wealth and resources. The result of this misguided approach was that the lives of the poor did not move up significantly. "On the contrary, the present Prime Minister is a man of many words and many more actions. He announces stiff targets and programmes which at first sight appear to be difficult, if not impossible. He follows it up with the actual implementation and delivers the promise," Jaitley said. He said the government's programmes for rural India will lead to increased incomes, increased social security, improved quality of life, higher income from agriculture and better healthcare. Jaitley said ever since the present government took over, it has been working to translate the advantages of faster growth to rural India as well as to bring a significant section of people into the neo-middle class and bring people out of poverty.<doc-sep>
Union minister Arun Jaitley says world's sixth largest economy is in a stable condition A day after the World Bank's (WB) rankings pegged India as the world's sixth-largest economy, pushing France into seventh place, union minister Arun Jaitley said the country will soon become the world’s fifth largest economy if 'firm growth' continues. India's gross domestic product (GDP) amounted to $2.597 trillion at the end of 2017, as against $2.582 trillion for France. Trade wars are causing imbalance in the world, says @arunjaitley pic.twitter.com/44HsZwS8zl — CNBC-TV18 (@CNBCTV18Live) July 12, 2018 Jaitley, speaking at a National Bank for Agriculture and Rural Development (NABARD) event on Thursday, stressed that the economy is in a stable condition. He, however, said there should be more focus on eliminating agrarian distress, ET Now reported. The union minister said the NDA government is paying special attention towards improving rural infrastructure. Jaitly said the government's recent decision to hike minimum support prices (MSP) for 14 Kharif crops will eradicate farm distress. He claimed that the MSP hike will help increase farmers income, and added that the decision was "a huge step to reduce the plight of farmers in the country," ET Now reported. The government on 4 July, hiked the MSP for paddy by a record Rs 200 per quintal -- a move that will cost the exchequer over Rs 15,000 crore and help fulfil a poll promise to give farmers a 50 percent higher rate over their cost of production. The decision, taken by the Cabinet Committee on Economic Affairs (CCEA) headed by Prime Minister Narendra Modi, came less than a year before general elections, scheduled for early 2019. In the last four years, the NDA government has raised the paddy MSP by Rs 50-80 per quintal. Previously, the highest hike in paddy MSP was Rs 170 a quintal in fiscal 2012-13, the election year of UPA-II With inputs from PTI