New Delhi: A new World Bank report shows that India has slipped to seventh spot when it comes to 2018 global GDP (gross domestic product) rankings.The country has fallen two ranks since 2017. According to the report, India’s GDP for 2018 was $ 2,726,322.62 million.Source: databank.worldbank.orgAlthough the World Bank acknowledges that GDP, “though widely tracked, may not always be the most relevant summary of aggregated economic performance for all economies,” the news could come as a blow for the Narendra Modi government’s projected plans of making India a $5 trillion economy by 2024.Earlier data, reported Business Standard, had shown that India had become the sixth largest economy in 2017, pushing France to the seventh place. The latest data, highlighted the report, showed that India had in fact become the fifth-largest economy that year, ahead of even the UK.The United States’ value was at $ 20,494,099.85 million in 2018 while the United Kingdom was at $ 2,825,207.95 million. France stood at $ 2,777,535.24 million.Also read: Why India’s ‘Modi-fied’ GDP Math Lacks CredibilityThe World Bank figures come at a time when the Indian economy slipped to a five-year low of 5.8% in the March quarter, and questions are being raised on the methodology of assessing the very official growth numbers by a group of economists.India’s troubles with the GDP also have to do with how it processes the figures. India’s former chief economic advisor Arvind Subramanian had said India’s average annual growth between 2011-12 and 2016-17 may have been overestimated by about 2.5 percentage points.In his research paper, Subramanian pointed out to almost immediate censure from the government that instead of the “reported growth of 6.9% between 2011 and 2016, actual growth was more likely to have been between 3.5% and 5.5%”.Source: data.worldbank.orgIndustry doyen A.M. Naik recently went public with concerns over the economy, saying we should feel “lucky” even if the GDP clips at 6.5%, and recommended faster project clearances like the one in Gujarat when Modi was the chief minister, as a solution.