A US-based think tank World Population Review has stated in its latest report that ‘India has become the fifth largest economy by overtaking the United Kingdom and France in 2019.’
The report says 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 US$ 2.94 trillion, overtaking the UK and France in 2019 to take the fifth spot.”
The UK economy is growing at $2.83 trillion, and that of the French economy $2.71 trillion. India’s GDP on the basis of purchasing power parity (PPP) is $ 10.51 trillion and is higher than in Japan and Germany.
Due to India’s high population, India’s GDP per capita is $2,170 (for comparison, the US is $62,794).
India’s real GDP growth, however, is expected to weaken for the third straight year from 7.5 per cent to 5 per cent.
India’s service sector is the fast-growing sector in the world accounting for 60 per cent of the economy and 28 per of employment, the report said, adding that manufacturing and agriculture are two other significant sectors of the economy.
Business Traveller India recently reported on Finance Minister Nirmala Sitharaman announcing the foundation for achieving the goal of $5 trillion economy by 2024-25 has been laid in the union budget.