India emerges as world’s 5th largest economy, overtakes UK, France
In recent findings filed by a report it has been shared that India has now become the world’s fifth-largest economy. To do so, the country has overtaken the UK and France in 2019, shares the report.
It was when a US-based think tank World Population Review announced that India is developing into an open-market economy from its previous autarkic policies.
“India’s economy is the fifth largest in the world with a GDP of USD 2.94 trillion, overtaking the UK and France in 2019 to take the fifth spot,” it stated.
The size of the UK economy is USD 2.83 trillion and that of France is USD 2.71 trillion.
The report added that in purchasing power parity (PPP) terms, India’s GDP (PPP) is USD 10.51 trillion, exceeding that of Japan and Germany. Due to India’s high population, India’s GDP per capita is USD 2,170 (for comparison, the US is USD 62,794).
It has been observed by the report that India’s economic liberalisation started in the early 1990s and included industrial deregulation reduced control on foreign trade and investment, and privatisation of state-owned enterprises.
India’s service sector is the rapidly growing accounting for 60 percent of the economy and 28 per of employment, the report revealed, adding that manufacturing and agriculture are two other important sectors of the economy.
The US-based World Population Review is an independent organisation without any political affiliations.