India becomes 5th largest economy, overtakes UK, France: Report

India emerged as world's fifth largest ecomy by overtaking UK and France in 2019, says a report. A US-based think tank World Population Review in its report said that India is developing into an open-market ecomy from its previous autarkic policies.

"India's ecomy is fifth largest in world with a GDP of USD 2.94 trillion, overtaking UK and France in 2019 to take fifth spot," it said.

size of UK ecomy is USD 2.83 trillion and that of France is USD 2.71 trillion. report furr said that in purchasing power parity (PPP) terms, India's GDP (PPP) is USD 10.51 trillion, exceeding that of Japan and Germany. Due to India's high population, India's GDP per capita is USD 2,170 (for comparison, US is USD 62,794).

India's real GDP growth, however, it said is expected to weaken for third straight year from 7.5 per cent to 5 per cent. report observed that India's ecomic liberalisation began in early 1990s and included industrial deregulation, reduced control on foreign tre and investment, and privatisation of state-owned enterprises.

"se measures have helped India accelerate ecomic growth," it said.

India's service sector is fast-growing sector in world accounting for 60 per cent of ecomy and 28 per of employment, report said, ding that manufacturing and agriculture are two or significant sectors of ecomy. US-based World Population Review is an independent organisation without any political affiliations.