According to World Bank figures for 2017, the report said: "India's
gross domestic product (GDP) amounted to $2.597 trillion at the end of last
year, against $2.582 trillion for France".
According to the report, manufacturing and consumer spending were the
main drivers of the Indian economy.
"India has doubled its GDP within a decade and is expected to power
ahead as a key economic engine in Asia, even as China slows down," said
According to the International Monetary Fund, India is projected to
generate growth of 7.4 per cent this year and 7.8 per cent in 2019, boosted by
household spending and a tax reform. This compares to the world's expected
average growth of 3.9 per cent.
Earlier, a report by British brokerage
HSBC said that India is likely to overtake Japan and Germany to become the
third largest economy in the next 10 years.
Last year, London-based Centre for Economics and Business Research
(CEBR) had predicted that India would become world’s fifth largest economy
surpassing France and the UK by the end of 2018.