Mumbai: In a recent development, India has recorded the world’s fifth-largest economy by overtaking the UK and France in 2019, says a report.
The US-based think tank World Population Review said in its report that India is developing into an open-market economy from its previous autocratic policies.
“India’s economy is the world’s fifth-largest with a GDP of USD 2.94 trillion, surpassing the UK and France to fifth place in 2019.”
The size of the UK economy is USD 2.83 trillion and that of France is USD 2.71 trillion.
The report further states that in terms of purchasing power parity (PPP), India’s GDP (PPP) is $ 10.51 trillion, higher than Japan and Germany. Due to India’s high population, India’s per capita GDP is US $ 2,170 (for comparison, US $ 62,794).
India’s real GDP growth, however, is expected to weaken for the third straight year from 7.5% to 5%.
The report stated that India’s economic liberalization began in the early 1990s and included industrial control, control over 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 fastest-growing sector in the world with 60 percent of the economy and 28 percent of employment, the report said, with manufacturing and agriculture being two other important sectors of the economy.
The US-based World Population Review is an independent organization with no political affiliations.
(With PTI Inputs)