Understanding India's Economy in 2017 according to World Bank Figures

The question asks us to identify the true statement about the Indian economy in 2017 based on data from the World Bank. Let's examine each option provided.

We need to check the economic status of India in 2017 using World Bank data. The World Bank provides comprehensive data on the Gross Domestic Product (GDP) of countries, which is commonly used for ranking economies by size.

Analysis of Statements on India's Economy in 2017

• Statement 1: India is now the world's sixth biggest economy.

  Based on World Bank data for 2017, India's GDP surpassed that of France. This moved India up in the global rankings. Reports citing World Bank figures for 2017 confirm that India became the sixth-largest economy in the world by the end of that year.

• Statement 2: India's GDP amounted to $ 5 trillion at the end of 2017.

  Let's look at the actual GDP figures for India in 2017 according to the World Bank. The World Bank data shows India's GDP in 2017 was approximately $2.72 trillion. The $5 trillion figure was a target set by the Indian government for a future year, not the actual GDP in 2017.

Evaluating the Options

Based on our analysis of the statements using World Bank data for 2017:

• Statement 1 is true: India was indeed the world's sixth-largest economy in 2017.
• Statement 2 is false: India's GDP in 2017 was around $2.72 trillion, not $5 trillion.

Therefore, only Statement 1 is true according to the World Bank figures for 2017.

Conclusion on India's Economic Status 2017

Considering the analysis, the only true statement among the options regarding India's economy in 2017, based on World Bank figures, is that India became the world's sixth biggest economy.

The final answer is $\text{India is now the world's sixth biggest economy.}$.

Revision Table: India Economy 2017 Facts

Additional Information on India's Economy

Understanding economic figures like GDP and rankings requires looking at reliable sources such as the World Bank, International Monetary Fund (IMF), and national statistical offices.

• Gross Domestic Product (GDP): GDP is the total monetary value of all the finished goods and services produced within a country's borders in a specific time period. It is a key indicator of the size and health of an economy.
• Economic Rankings: Countries are often ranked by their nominal GDP (using market exchange rates) or by GDP based on Purchasing Power Parity (PPP), which adjusts for differences in the cost of living. The ranking "sixth biggest economy" typically refers to the nominal GDP ranking.
• World Bank Data: The World Bank collects and publishes extensive economic data for countries worldwide, providing a valuable resource for comparing economic performance and size across different nations.

The aspiration of India reaching a $5 trillion economy has been discussed as a policy goal for a later period, reflecting growth ambitions, but it was not the reality in 2017.