India’s economy is now the world’s fifth-largest economy, ahead of UK and France, a report said.
The report by World Population Review, which is a US-based Think Tank, said that India is developing into an open-market economy from its previous independent policies.
ALSO READ: Finance Ministry plans to assess impact of COVID-19 on trade
“India’s economy is the fifth-largest in the world with a GDP of USD 2.94 trillion, overtaking the UK and France in 2019 to take the fifth spot,” it said.
The UK economy is at USD 2.83 trillion and France is at USD 2.71 trillion.
The report also added that in purchasing power parity (PPP) terms, India’s GDP (PPP) is USD 10.51 trillion which exceeded Japan and Germany.
However, India’s real GDP growth, the report said, is expected to weaken from 7.5% to 5% for the third year.
The report said that India’s liberalisation and privatisation began in the 1990s and included industrial liberalism while also reducing control over foreign trade and privatisation.
“These measures have helped India accelerate economic growth,” it said.
India’s service sector growth is increasing at a fast rate and accounts for 60% of the economy while contributing to 28% of employment, the report said. It also added that the other two sections namely agriculture and manufacturing are other pertinent sectors of the economy.
The US-Based think tank World Population Review functions as an independent organisation.
Click here for Latest News updates and viral videos on our AI-powered smart news