NEWS INDIA ECONOMY
NEW DELHI: India on Tuesday won praise on its economy front, with a US think tank announcing that the Asian nation has overtaken both France and the United Kingdom to emerge as the world’s fifth largest economy. This despite the present economic downturn in the country which has its economy cooling off at around five per cent in terms of GDP growth, that had risen to over 9 per cent seven years ago.
This overtaking of France and UK happened for the first time in the past 150 years, it is noted.
The US-based World Population Review said on Tuesday that “India’s economy is the fifth-largest in the world with a gross domestic product (GDP) of $2.94 trillion, overtaking the UK and France in 2019, to take the fifth spot.” The size of the UK economy is $2.83trillion and that of France $2.71trillion, it noted. The World Population Review is an independent agency with no political links.
It stated that in purchasing power parity (PPP), India’s GDP stood at $10.51 trillion, more than 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), it noted.
The think-tank noted that India is developing into an open-market economy from its previous closed and inward “autarkic” policies. 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.
The US agency said India’s service sector is the fastest-growing sector in the world, accounting for 60 per cent of the economy and 28 per of employment. Manufacturing and agriculture are two other significant sectors of the economy, it said. –AGENCIES, IHN-NN
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