World’s Fifth Largest Economy: India has become the fifth largest economy in the world. India overtook Britain and France in 2019. America’s research institute ‘World Population Review’ has said in its report that India is now developing into an open market economy with the earlier policy of becoming self-reliant.
World’s Fifth Largest Economy: India Left Britain, France Behind
According to the report, ‘India has become the fifth largest economy in the world with $ 2940 billion in terms of gross domestic product (GDP). It overtook Britain and France in 2019. America’s World Population Review is an independent organization.
The size of the UK economy is $ 2830 billion while that of France is $ 2710 billion. India’s GDP on the basis of purchasing power parity (PPP) is $10.51 trillion and is ahead of Japan and Germany. GDP per capita in India is $ 2170 due to overpopulation. It is $ 62,794 per person in the US. However, India’s real GDP growth may remain weak for the third consecutive quarter and may come down from 7.5 percent to 5 percent.
The report states that economic liberalization in India began in the 1990s. Industries were deregulated and controls on foreign trade and investment were reduced. Also, government companies were privatized. It said, “These measures have helped India to accelerate economic growth.”
The report said that India’s service sector is 60 percent of the fastest growing economy in the world and 28 percent is the employment sector. Also, manufacturing and agriculture are two other important sectors of the economy.
Top 10 Largest Economy In The World
The following are the top 10 largest economies until February 2020.
- U.S. Nominal GDP: $21.44 trillionU.S. GDP (PPP): $21.44 trillion
- China Nominal GDP: $14.14 trillionChina GDP (PPP): $27.31 trillion
- Japan Nominal GDP: $5.15 trillionJapan GDP (PPP): $5.75 trillion
- Germany Nominal GDP: $3.86 trillionGermany GDP (PPP): $4.44 trillion
- India Nominal GDP: $2.94 trillionIndia GDP (PPP): $10.51 trillion
- U.K. Nominal GDP: $2.74 trillionU.K. GDP (PPP): $3.04 trillion
- France Nominal GDP: $2.71 trillionFrance GDP (PPP): $2.96 trillion
- Italy Nominal GDP: $1.99 trillionItaly GDP (PPP): $2.40 trillion
- Brazil Nominal GDP: $1.85 trillionBrazil GDP (PPP): $3.37 trillion
- Canada Nominal GDP: $1.73 trillionCanada GDP (PPP): $1.84 trillion