New Delhi: India has overtaken the UK and France in 2019 to become the fifth largest economy in the world, a US-based think tank, World Population Review Reported.
"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 size of the UK economy is USD 2.83 trillion and that of France is USD 2.71 trillion.”
The report further said that in purchasing power parity (PPP) terms, India's GDP (PPP) is US$ 10.51 trillion, exceeding that of Japan and Germany. Due to India's high population, India's GDP per capita is US$ 2,170 (for comparison, the US is US$ 62,794).
However, the report said that that India’s GDP growth is expected to weaken for the third straight year from 7.5 per cent to 5 per cent.
“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,” the report said.
“These measures have helped India accelerate economic growth.”
India's service sector is the fast-growing sector in the world accounting for 60 per cent of the economy and 28 per cent of employment, the report further said, adding that manufacturing and agriculture are two other significant sectors of the economy.
The US-based World Population Review is an independent organisation without any political affiliations.