New Delhi, Aug 02 : According to the latest data compiled by World Bank, India has slipped to seventh place in terms of GDP in comparison to the GDP other countries. The fifth and sixth spots have been captured by UK and France respectively. America has maintained its first rank with GDP of $20.5 trillion in FY 2018-19. China is on the second spot with GDP of $13.6 trillion. Japan is at third spot with $5 trillion GDP. UK and France have GDP around $2.8 trillion followed by India at seventh place with $2.7 trillion GDP. India is 7th largest economy in terms of GDP in place of 5th largest economy earlier.
The chief economist at India Rating and Research, Devendra Pant has cited depreciation of rupee against dollar as the main reason behind this fall. He added that the rankings can change if growth picks up.
It is noteworthy that India is still a fastest growing major economy in the world as China may face slowdown due to trade war with US. Research firm, IHS markit predicts recapturing of fifth place by India overtaking UK by the end of current financial year and will also leave behind Japan by the end of five years.