India is 5th largest economy: World Population Review
US-based think tank World Population Review in its report declared India to be the fifth largest economy in the world in 2019. With a GDP of $2.94 trillion, India overtook the UK (US$ 2.83 trillion) & France (US$ 2.71 trillion). In terms of PPP, India’s GDP (PPP) is $10.51 trillion, exceeding that of Japan and Germany. Further, India’s GDP per capita is US$ 2,170 while that of the US is US$ 62,794, owing to its higher population.
The report also observed that India’s service sector is the fast-growing sector in the world accounting for 60% of the economy and 28% of employment. It added 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. “These measures have helped India accelerate economic growth,” it said.
However, the report predicts India’s real GDP growth to weaken for the third straight year from 7.5% to 5%.