Mumbai, July 11: India has overtaken France to become the world’s sixth-biggest economy in the world. According to the World Bank data on the gross domestic product (GDP) of countries for 2017, France has been pushed to the seventh place. The report informs that India’s gross domestic product (GDP) amounted to $2.597 trillion at the end of 2017, against $2.582 trillion for France in the same period.

The World Bank list is topped by the US as the biggest economy followed by China, Japan, Germany and Britain. The new calculations have arrived on the basis of Indian economy's performance in 2017. India, with around 1.34 billion inhabitants, is ranking below the United Kingdom and has recorded a GDP of USD 2,597,491 million, followed by USD 2,582,501 of France, while UK recorded a GDP of USD 2,622,434 million.

Reports inform that India’s economy rebounded strongly from July 2017. Meanwhile, the United States has topped the list recording a GDP of USD 19,390,604 million, followed by China with USD 12,237,700 million. According to an ANI report, the World Bank has earlier noted that the Indian economy recovered from the effects of demonetisation and the Goods and Services Tax (GST) and predicted a growth rate of 7.3 percent for the country in 2018.

Meanwhile, the International Monetary Fund (IMF) also stated that it expected India to re-emerge as one of the fastest growing major economies in the 2018 - 2019 period, projecting the country's growth rate at 7.4 percent in 2018. On the other hand, the IMF has also predicted that world's economy would grow at 3.9 per cent over the next year.

(The above story first appeared on LatestLY on Jul 11, 2018 04:37 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).