Magic change! In just 4 years, India beats these 4 countries to become the 6th largest economy in the world

In the past four years, since the election of Narendra Modi to power in 2014, India has beat four major economies to secure its sixth largest economy position. (Image: Reuters)

Over the past four years, since the election of Narendra Modi to power in 2014, India has beaten four major economies to secure its position as the world's sixth-largest economy . I said. The country is expected to beat the UK by the end of the year if GDP growth continues its trajectory by more than 7%.

In 2014, India ranked tenth behind the United States, China, Japan, Germany, United Kingdom, France, Brazil, Italy and Russia. With a constant GDP of 7% more, with the exception of the 2017-2018 fiscal year, India has left France, Brazil, Italy and Russia. Between 2011 and 2014, India remained in 10th place for four consecutive years.

India, with a total GDP of $ 2.597 billion at the end of 2017, only accounts for $ 25 billion behind the United Kingdom. The International Monetary Fund (IMF) expects India to grow by 7.4 percent in 2018 and 7.8 percent in 2019, leaving its closest rival in China at 6.6 percent and 6.4 percent. respectively.

BofA Merrill Lynch Global Research India should also represent a $ 6 trillion economy – the third largest in the world – over the next 10 years, thanks in part to digitization, according to a Morgan Stanley report . 19659003] However, as India grows rapidly and leaves behind the developed countries, per capita income continues to be tiny compared to them. India's per capita income is only 2,130 dollars, that of France is 44,930 dollars, that of Brazil 10,220 dollars, that of Italy 35,910 dollars and that of Russia of $ 11,950. India is ranked 126th in terms of per capita income, ranking higher than that of 2016.

And while the huge population of India continues to put pressure on the resources of the country, income inequality is also a major problem. An Oxfam survey earlier this year revealed that the richest 1% of India owns 73% of the wealth generated in India. With India expected to exceed China's total population by 2024, policymakers will have a difficult challenge not only to grow India at a faster pace but also to ensure inclusive growth.