India overtakes UK and France to become 5th largest economy_00.1
Current Affairs   »   India overtakes UK and France to...

India overtakes UK and France to become 5th largest economy

India overtakes UK and France to become 5th largest economy_50.1

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.

Find More News on Economy Here

India overtakes UK and France to become 5th largest economy_60.1

×

Download success!

Thanks for downloading the guide. For similar guides, free study material, quizzes, videos and job alerts you can download the Adda247 app from play store.

Thank You, Your details have been submitted we will get back to you.

Was this page helpful?

Leave a comment

Your email address will not be published. Required fields are marked *

Join India's largest learning destination

What You Will get ?

  • Job Alerts
  • Daily Quizzes
  • Subject-Wise Quizzes
  • Current Affairs
  • Previous year question papers
  • Doubt Solving session

Login

OR

Forgot Password?

Join India's largest learning destination

What You Will get ?

  • Job Alerts
  • Daily Quizzes
  • Subject-Wise Quizzes
  • Current Affairs
  • Previous year question papers
  • Doubt Solving session

Sign Up

OR
Join India's largest learning destination

What You Will get ?

  • Job Alerts
  • Daily Quizzes
  • Subject-Wise Quizzes
  • Current Affairs
  • Previous year question papers
  • Doubt Solving session

Forgot Password

Enter the email address associated with your account, and we'll email you an OTP to verify it's you.


Join India's largest learning destination

What You Will get ?

  • Job Alerts
  • Daily Quizzes
  • Subject-Wise Quizzes
  • Current Affairs
  • Previous year question papers
  • Doubt Solving session

Enter OTP

Please enter the OTP sent to
/6


Did not recive OTP?

Resend in 60s

Join India's largest learning destination

What You Will get ?

  • Job Alerts
  • Daily Quizzes
  • Subject-Wise Quizzes
  • Current Affairs
  • Previous year question papers
  • Doubt Solving session

Change Password



Join India's largest learning destination

What You Will get ?

  • Job Alerts
  • Daily Quizzes
  • Subject-Wise Quizzes
  • Current Affairs
  • Previous year question papers
  • Doubt Solving session

Almost there

Please enter your phone no. to proceed
+91

Join India's largest learning destination

What You Will get ?

  • Job Alerts
  • Daily Quizzes
  • Subject-Wise Quizzes
  • Current Affairs
  • Previous year question papers
  • Doubt Solving session

Enter OTP

Please enter the OTP sent to Edit Number


Did not recive OTP?

Resend 60

By skipping this step you will not recieve any free content avalaible on adda247, also you will miss onto notification and job alerts

Are you sure you want to skip this step?

By skipping this step you will not recieve any free content avalaible on adda247, also you will miss onto notification and job alerts

Are you sure you want to skip this step?