India is now the world’s sixth largest economy at $2.6 trillion, displacing France, according to the database of the International Monetary Fund’s World Economic Outlook (WEO) for April 2018.The five economies ahead are the United States, China, Japan, Germany and United Kingdom.According to a report on Hindustan Time, “This is a landmark development for India,” said an official in the finance ministry in New Delhi, and insisted that though it might look symbolic, implications were more far-reaching than immediately apparent. It surely comes as a good news because it is likely to shape opinion and influence investment decisions, which be beneficial for the country.

Reportedly, IMF has praised India for using "the right policies" to lower its level of debt. Highlighting India's debt to GDP ratio - the ratio between a country's government debt (a cumulative amount) and its gross domestic product or GDP (measured in years) - IMF said, India's share is "quite high", but New Delhi is trying to lower it using "the right policies."

On the other hand, the body cautioned other major economies, especially China, saying public debt in advanced and emerging market economies are "currently at historic highs."

(The above story first appeared on LatestLY on Apr 19, 2018 02:15 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).