India dragged down to the seventh place in the global GDP rankings as UK and France jumped ahead claiming the fifth and sixth spots, respectively.
According to the data compiled by the World Bank, India was the fifth largest economy of the world back in 2017 while France stood at number seven.
In 2017, the total GDP of India was $2.65 trillion, while UK and France were at $2.64 trillion and $2.5 trillion, respectively. Economists claim that India mainly slipped because of the increase in oil prices, currency fluctuation and introduction of goods and services tax (GST).
“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,” chief economist at India Ratings and Research Devendra Pant said.
However, India still holds the number one spot in the list of fastest-growing major economy of the world.
The US still remains the top economy of the world with a GDP of $20.5 trillion in 2018. China claimed the second spot with a GDP of $13.6 trillion while Japan took the third place with $5 trillion.