India overtakes UK, France to be 5th largest world economy

21 Feb '20
1 min read
Pic: Shutterstock
Pic: Shutterstock

India is now the fifth-largest world economy in 2019 with a gross domestic product (GDP) of $2.94 trillion, overtaking France and the United Kingdom, according to a report by US think tank World Population Review. The size of the UK economy is $2.83 trillion and that of France is $2.71 trillion. Due to high population, India's GDP per capita is $2,170.

In purchasing power parity (PPP), India's GDP is $10.51 trillion, exceeding that of Japan and Germany. India's real GDP growth, however, is expected to weaken for the third straight year from 7.5 per cent to 5 per cent, a news agency cited the think tank report as saying.

The think-tank said India is developing into an open-market economy from its previous closed and inward ‘autarkic’ policies.

India's service sector is the fast-growing sector in the world accounting for 60 per cent of the economy and 28 per of employment, the report said, adding that manufacturing and agriculture are two other significant sectors of the economy.

Fibre2Fashion News Desk (DS)

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