India’s economy slips to 7th spot; UK, France march ahead

Agencies
August 2, 2019

New Delhi, Aug 2: The UK and France have toppled India from the position of the fifth-largest economy in 2018, according to data compiled by the World Bank.

Earlier data had shown that India had become the sixth largest economy in 2017, pushing France to the seventh place. However, the latest data showed that India had in fact become the fifth-largest economy that year, ahead of even the UK.

In 2017, India’s economic size stood at $2.65 trillion, followed by the UK at $2.64 trillion and France at $2.59 trillion

However, this status was short lived as the UK’s economy grew to $2.82 trillion and the French economy expanded to $2.78 trillion in 2018, against India’s $2.73 trillion, showed the data.

It means that India’s economy grew a mere 3.01 per cent in dollar terms in 2018 against 15.72 per cent in 2017.

On the other hand, the UK’s economy grew 6.81 per cent against a contraction of 0.75 per cent in this period. The French economy expanded by 7.33 per cent against 4.85 per cent.

Economists attributed this to a movement of the Indian rupee against the dollar.

Devendra Pant, chief economist at India Ratings, said the rupee appreciated 3 per cent in 2017, while it depreciated 5 per cent the following year. “This has resulted in slower growth of India’s economy in dollar terms in 2018 against 2017,” he said.

In rupee terms, India’s economy grew 11.2 per cent in 2018-19, a shade lower than 11.3 per cent in 2017-18. For India’s official statistics, financial years start on April 1 and end at March 31.

The new data has come when there were talks of India overtaking Japan by 2025.

IHS Markit said in a recent report that India will overtake the UK this year to become the world’s fifth-biggest economy, and is poised to surpass Japan to be the third largest in 2025.

According to the World Bank data, Japan’s economic size was $4.97 trillion in 2018, higher than India’s by $2.24 trillion.

India planned to increase its economic size to $5 trillion by 2024-25.

For this, the Economic Survey estimated that India would have to grow by 12 per cent at current prices a year. Assuming the Reserve Bank of India’s inflation growth projections of 4 per cent, the Survey said the economy needed to grow 8 per cent at constant prices a year to make this target possible.

At constant prices, India’s economy expanded by 6.8 per cent in 2018-19 and is projected to grow by 7 per cent in the current fiscal year.

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News Network
December 19,2025

Saudi Arabia has abolished fees on expatriate workers employed in licensed industrial establishments, signaling a strong push to empower national factories and enhance the Kingdom’s global industrial competitiveness. The move reflects the leadership’s commitment to building a sustainable and resilient industrial economy under Saudi Vision 2030.

The decision was approved by the Council of Ministers, chaired by Crown Prince and Prime Minister Mohammed bin Salman, following a recommendation from the Council of Economic and Development Affairs (CEDA). It forms part of a broader strategy to support, modernize, and strengthen the industrial sector.

By removing fees on foreign workers, industrial establishments gain greater operational flexibility and relief from financial pressures. This is expected to help factories expand production, improve efficiency, and compete more effectively in international markets, while reinforcing long-term sustainability.

The initiative aligns closely with Saudi Vision 2030, which identifies industry as a key pillar of economic diversification. A competitive and resilient industrial base is viewed as essential for driving innovation, attracting investment, and sustaining long-term economic growth.

Overall, the fee exemption underscores the Kingdom’s commitment to creating a supportive environment for industrial development and ensuring that Saudi factories remain globally competitive and capable of leading the nation’s economic transformation.

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News Network
December 15,2025

Mangaluru, Dec 15: Air India Express has announced that it will resume direct flight services between Mangaluru and Muscat from March 2026, restoring an important international air link for passengers from the coastal region.

Airport authorities said the service will operate twice a week—on Sundays and Tuesdays—from March 1. The initial flights are scheduled on March 3, 8 and 10, followed by March 15 and 17, with the same operating pattern to continue thereafter. The flight duration is approximately three hours and 25 minutes.

The Mangaluru–Muscat route was earlier operated under the 2025 summer schedule, with services beginning on July 14. At that time, Air India Express had operated four flights a week before suspending the service.

Officials said the summer schedule will come into effect from March 29, after which changes in flight timings and departure schedules from Mangaluru are expected. Passengers have been advised to check the latest schedules while planning their travel.

The resumption of direct flights to Muscat is expected to significantly benefit expatriates, business travellers and others, further strengthening Mangaluru’s air connectivity with the Gulf region.

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News Network
December 5,2025

indigoCEO.jpg

New Delhi, Dec 5: IndiGo CEO Pieter Elbers issued a public apology this evening after more than a thousand flights were cancelled today, making it the "most severely impacted day" in terms of cancellations. The biggest airline of the country cancelled "more than half" of its daily number of flights on Friday, said Elbers. He also said that even though the crisis will persist on Saturday, the airline anticipates fewer than 1,000 flight cancellations.

"Full normalisation is expected between December 10 and 15, though IndiGo cautions that recovery will take time due to the scale of operations," the IndiGo CEO said. 

IndiGo operates around 2,300 domestic and international flights daily.

Pieter Elbers, while apologising for the major inconvenience due to delays and cancellations, said the situation is a result of various causes.

The crisis at IndiGo stems from new regulations that boost pilots' weekly rest requirements by 12 hours to 48 and allow only two night-time landings per week, down from six. IndiGo has attributed the mass cancellations to "misjudgment and planning gaps".

Elbers also listed three lines of action that the airline will adopt to address the issue.

"Firstly, customer communication and addressing your needs, for this, messages have been sent on social media. And just now, a more detailed communication with information, refunds, cancellations and other customer support measures was sent," he said.

The airline has also stepped up its call centre capacity.

"Secondly, due to yesterday's situation, we had customers stranded mostly at the nation's largest airports. Our focus was for all of them to be able to travel today itself, which will be achieved. For this, we also ask customers whose flights are cancelled not to come to the airports as notifications are sent," the CEO said.

"Thirdly, cancellations were made for today to align our crew and planes to be where they need to start tomorrow morning afresh. Earlier measures of the last few days, regrettable, have proven not to be enough, but we have decided today to reboot all our systems and schedules, resulting in the highest numbers of cancellations so far, but imperative for progressive improvements starting from tomorrow," he added.

As airports witnessed chaotic scenes, the Directorate General of Civil Aviation (DGCA) stepped in to grant IndiGo a temporary exemption from stricter night duty rules for pilots. It also allowed substitution of leaves with a weekly rest period. 

Civil Aviation Minister Ram Mohan Naidu has said a high-level inquiry will be ordered and accountability will be fixed.

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