India emerged as the world’s fifth-largest economy by overtaking the UK and France in 2019, says a report. A US-based think tank World Population Review in its report said 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 said.
India emerged as the world’s fifth-largest economy by overtaking the UK
The size of the UK economy is USD 2.83 trillion and that of France is USD 2.71 trillion. The report further said that in purchasing power parity (PPP) terms. However, India’s GDP (PPP) is USD 10.51 trillion, exceeding that of Japan and Germany. Due to India’s high population. Also, India’s GDP per capita is USD 2,170 (for comparison, the US is USD 62,794).
India’s real GDP growth, however, it said it expected to weaken for the third straight year from 7.5 percent to 5 percent.
India’s service sector is the fast-growing sector in the world
The report observed that India’s economic liberalization began in the early 1990s and included industrial deregulation, reduced control on foreign trade and investment, and privatization of state-owned enterprises. “These measures have helped India accelerate economic growth,” it said.
India’s service sector is the fast-growing sector in the world accounting for 60 percent of the economy and 28 per of employment, the report said, adding that manufacturing and agriculture are two other significant sectors of the economy. The US-based World Population Review is an independent organization without any political affiliations.
The GDP per capita there is $ 62,794
Talking about America, the GDP per capita there is $ 62,794. However, India’s real GDP growth rate may remain weak for the third consecutive quarter. However, due to sluggishness in the recent past. It can come down from 7.5 percent to 5 percent.
The institute has stated in its report that economic liberalization in India started in the 1990s. Many reforms brought after this. The industry deregulated, foreign trade. Also, investment reduced and private sector companies privatized. According to the report, these measures have helped India to accelerate economic growth.
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