By Spy Uganda
It’s now official that India is the world’s 5th biggest economy after overtaking the United Kingdom, France, Germany, China, Japan and other so-called Super Powers,TheSpy Uganda reports.
This comes after economists revealed that India was developing into an open-market economy from its previous autarchic policies.
US-based think tank World Population Review revealed in their recent report that; “India’s economy is the fifth-largest in the world, with a GDP of $2.94 trillion, after overtaking the UK and France in 2019 to take the fifth spot.”
To compare, the size of the UK economy is $2.83 trillion, while the French economy is $2.71 trillion.
According to the report, which was as quoted by the Press Trust of India, in terms of purchasing power parity (PPP), India’s GDP (PPP) totals $10.51 trillion, exceeding that of Japan and Germany.
The country’s GDP per capita is $2,170 due to India’s high population. Its real GDP growth is projected to weaken for the third straight year, from 7.5 per cent to five per cent.
The World Population Review observed that India’s economic liberalization started in the early 1990s and included industrial deregulation as well as reduced control on foreign trade and investment, and privatization of state-owned enterprises.
“These measures have helped India accelerate economic growth,” the report said, adding that the country’s service sector is the fastest-growing in the world, accounting for 60 per cent of the economy and 28 per cent of employment.