India is developing into an open-market economy from its previous autarchic policies, US-based think tank World Population Review concludes in a report.
“India’s economy is the fifth largest in the world, with a GDP of $2.94 trillion, overtaking the UK and France in 2019 to take the fifth spot,” said the report, as quoted by the Press Trust of India.
To compare, the size of the UK economy is $2.83 trillion, while the French economy is $2.71 trillion.
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According to the report, 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 percent to five percent.
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 percent of the economy and 28 percent of employment.
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