India's Achievement: The World's Fifth Biggest Economy, Behind Britain, France

India will become the world's third economy, surpassing Germany in 2024, Japan in 2034: target of five trillion dollars economy will be met in 2026

Ta. February 18, 2020, Tuesday

India has become the fifth largest economy in the world. It has overtaken Britain and Germany in 2019. In its report, the US-based Think Tank World Population Review states that India is now evolving into an open market economy, moving beyond its previous policy of self-reliance.

According to the report, with $ 2.92 trillion, India has become the fifth largest economy in the world. Britain is sixth with $ 2.83 trillion and France is seventh with $ 2.71 trillion.

The report further states that India's GDP on the basis of purchasing power parity (PPP) is $ 10.51 trillion. Which is higher than Japan and Germany.

India's per capita GDP is $ 2170 per person, due to India's high population. While the US GDP per capita is $ 62794. India's GDP has been declining steadily for the past three years. Three years ago, India's GDP was 7.5%. India's GDP is projected to be 5% in the current financial year.

The report states that financial liberalization in India began in the 1990s. In the 1990s, industries in India were made free of control, foreign trade and investment was relaxed, privatization of government companies was initiated. These steps helped India to increase its economic growth. India's service sector is the fastest growing sector in the world.

It accounts for 60% of the Indian economy. It provides employment to 28 percent of the country's population. The report further states that manufacturing and agriculture are two other important sectors in the Indian economy. The United States is an independent organization of the World Population Review and is not affiliated with any political party.