The data compiled by the World Bank showed, US remains the top economy with a GDP of $20.5 trillion in 2018. China was the second largest economy with $13.6 trillion, while Japan took the third place with $5 trillion. Germany secured the fourth spot with GDP of $4 trillion, UK and France with $2.8 trillion took up the 5th and 6th spots. India is now closely followed by Italy with  $2.1 trillion.

In 2017, India was at $2.65 trillion, UK at $2.64 trillion and France at $2.5 trillion. However, economists site currency fluctuations and slowdown in growth as the reasons for India being pushed to the seventh position in 2018.

“In 2017, the rupee appreciated against the dollar, and in 2018 it depreciated against the dollar. So, it is largely due to currency fluctuation and the growth slowdown,” Devendra Pant, chief economist at India Ratings and research told media.

Meanwhile, India which is still the fastest-growing major economy in the world can improve its ranking if growth picks up. But analysts state that the growth is estimated to slowdown to 7 per cent in the current fiscal year that ends in March.

The Indian government has set up an ambitious target to emerge as a $5 trillion economy by 2024-25. The Economic survey for 2018-19 has stated that the goal is achievable if India sustains real GDP growth rate of 8% .