India Crowned As 5th Largest Economy, Overtakes UK, France

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latest news update on economy

Latest News Update on Economy

World Population Review in a report has said that on the basis of Economic grounds, India had emerged as the fifth largest economy globally and also left behind the UK and France in 2019.

A prestigious remark India has bagged in the world, proud to be an Indian in which the vision of PM Modi is taking its leap, his governance is making India strong day by day in all the fields, exposing and rectifying all the illegal matters happening in India since ages and in coming years it will be in position to stand with US.

The US-based think tank World Population Review said in its report that India is developing into an open-market economy from its previous self-reliance policies. “India’s economy with a GDP of $ 2.94 trillion, exceeding the UK and France in 2019, stands at the fifth largest in the world. UK in its economy measures $ 2.83 trillion and the economy of France measures as $ 2.71 trillion.

The report further also said that in purchasing power parity (PPP) terms, India’s GDP (PPP) is $ 10.51 trillion, exceeding that of Japan and Germany. As  India is highly populated, its GDP per capita is $ 2,170 (for comparison, the US is $ 62,794).

The report said India’s real GDP growth, however, is expected to weaken for the third straight year from 7.5 per cent to 5 per cent.

The report observed that India’s economic liberalisation (removing all unnecessary controls and restrictions like permits, licenses, quotas, etc.) made compulsory by the government began in the early 1990s and included industrial deregulation, reduced control on foreign trade and investment, and privatisation of state-owned enterprises. “These tactics have helped India to accelerate economic growth.”

The report had also said that service sector of India is the fast-growing sector in the world accounting for 60 per cent of the economy and 28 per cent of employment, in addition to the manufacturing and agriculture, the two other significant sectors of the economy.

The best part to know is that the US-based World Population Review is an independent organisation without any political affiliations.

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