Current Affairs Economy & Banking

India overtakes UK and France to become 5th largest economy

Category : Economy & Banking

  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.


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