With a GDP of USD 2.94 trillion, India’s economy is the fifth largest in the world after overtaking UK and France in 2019, according to a UK based research World Population Review.
The report mentioned that India is advancing into an open-market economy from the autarkic policies of the past.
“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.
The size of the UK economy is USD 2.83 trillion and that of France is USD 2.71 trillion.
In terms of purchasing power parity (PPP), the GDP(PPP)of India is USD 10.51 trillion, exceeding that of Japan and Germany. India’s GDP per capita is USD 2,170 (for comparison, the US is USD 62,794) owing to India’s high population.
However, India’s real GDP growth, is expected to weaken for the third straight year from 7.5 per cent to 5 per cent.
The report listed down steps that have enabled India to accelerate economic growth. India’s economic liberalisation began in the early 1990s and included industrial deregulation, decreased control on foreign trade and investment, and privatisation of state-owned enterprises.
“These measures have helped India accelerate economic growth,” it said
The report also added that the service sector of India is the fast-growing sector in the world accounting for 60 per cent of the economy and 28 per of employment, adding that manufacturing and agriculture are two other prominent sectors of the economy.
The US-based World Population Review is an independent organisation bereft of any political affiliations.