years after independence in August 1947, India dethrones the United Kingdom, its ex mother country to be the 6th world economy according to a recent report of Foreign Policy. For the first time in a century, the indian economy stands after the United States, China, Japan, Germany and France. 2016 was a banner year for India. Following economic reforms initiated by Prime Minister Narendra Modi in 2014, the country also surpassed China and was classified as the world fastest growing economy in February 2016. For the International Monetary Fund, India will hold this for a while. Still, in 2017, the country might increase to 7,6 % its GDP growth against 1,1 % only for the UK trying to stabilize its economy post-Brexit. Those who were reluctant to adopt changes at that time can now see the impacs. However, the decision to withdraw 500 and 1000 indian rupees bills from circulation has caused the decrease of commercial transactions, wages suspension as well as long queue in cas registers and this is still another point for government to reflect on. Besides, Indian Prime Minister Narendra Modi is now being accused of corruption by Rahul Ghandi Congress Vice – President who now calls for investigation on the 9 payments of a total of 40 crores ( approximately 6 millions Usd) paid by Sahara. To him, this happened between October 2013 and February 2014 when the Prime Minister held the post of Chief Minister of Gujarat.
India knocks off United Kingdom, becomes 6th largest Economy in the world
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