According to the International Monetary Fund’s October World Economic Outlook, India has become the world’s fifth-largest economy, surpassing those of countries like France and the United Kingdom when ranked by nominal GDP. Over the past decade, India has shown promising growth, its GDP growing about 6-7% annually. Data from the last 25 years shows an even more impressive spike, revealing a jump in GDP of more than 700% since 1995.
In addition to its clear spike in economic growth, India has demonstrated promising progress in poverty reduction. The World Bank reported that poverty rates have declined from 58% in 2011-12 to 37% in 2017-18. The World Bank also reported that India is taking measures to adjust policy to ensure that future growth is sustainable and inclusive.
Works Cited
Myers, Joe. "India is now the world's 5th largest economy." Weforum.org, 19 Feb. 2020, www.weforum.org/agenda/2020/02/india-gdp-economy-growth-uk-france/. Accessed 20 Feb. 2020.
Swarajya Staff. "India's Poverty Reduced At Fastest Ever Rate From 27 Crore In 2011 To 8.4 Crore In 2017." Swarajyamag.com, 19 Feb. 2020, swarajyamag.com/insta/indias-poverty-reduced-at-it-fastest-ever-rate-from-27-crore-in-2011-to-84-crore-in-2017. Accessed 20 Feb. 2020.
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