India overtakes UK and France to become 5th largest economy

According to the report of US-based think tank “World Population Review”, India has emerged as the 5th-largest world economy in 2019, overtaking the United Kingdom and France. India’s economy is the fifth-largest in the world with a gross domestic product (GDP) of $2.94 trillion. The size of the UK economy is $2.83 trillion and that of France is $2.71 trillion. These measures have helped India accelerate economic growth

In purchasing power parity (PPP), India’s GDP is $10.51 trillion, exceeding that of 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 is expected to weaken for the third straight year from 7.5% to 5%.

According to the report, India’s service sector is the fast-growing sector in the world accounting for 60% of the economy and 28% of employment. The manufacturing and agriculture are two other significant sectors of the economy.

The report observed that 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.

Top 4 Countries in the list: 

  • The US has been wearing the crown as the world’s largest economy for the last 149 years. The nominated GDP of the country stood at $21.44 trillion whereas GDP (PPP) was $21.44 trillion. The US ranks second in the world in deposits with natural resources worth $45 trillion.
  • China is the second-largest economy in the world and grew at an average of 9.52% between 1989 and 2019. Last year, the country’s economy saw the lowest annual growth in 29 years at 6.1%. China’s nominal GDP stood at $14.14 trillion. It owns $23 trillion worth of natural resources
  • With a nominal GDP of $5.15 trillion, Japan is the third-largest economy in the world. Most of the country’s growth is derived from its electronic goods industry the largest in the world.
  • The size of Germany’s economy is $4 trillion the fourth largest in the world. The economy is undergoing a fourth industrial revolution and is likely to transform the internet industry.

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