India is now 5th largest economy |
India has emerged as the world`s fifth largest economy by overtaking the UK and France in 2019. 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. The report said that India`s economy is the fifth largest in the world with a GDP of $2.94 trillion, overtaking the UK and France in 2019 to take the fifth spot. The size of the UK economy is $2.83 trillion and that of France is $2.71 trillion. The report further said that in purchasing power parity (PPP) terms, India`s GDP (PPP) is $10.51 trillion, exceeding that of Japan and Germany. Due to India`s high population, India`s GDP per capita is $2,170. However, the report said that India`s real GDP growth is expected to weaken for the third straight year from 7.5 per cent to 5 per cent. India`s economic liberalisation began in the early 1990s and included industrial deregulation, reduced control on foreign trade and investment, and privatisation of state-owned enterprises. According to the report, these measures have helped India accelerate economic growth. India`s service sector is one fast-growing sector in the world accounting for 60 percent of the economy and 28 percent of employment.
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