{"id":2920,"date":"2020-02-24T16:46:41","date_gmt":"2020-02-24T11:16:41","guid":{"rendered":"https:\/\/www.grainmart.in\/news\/?p=2920"},"modified":"2020-02-24T18:18:33","modified_gmt":"2020-02-24T12:48:33","slug":"india-enters-big-5-overtakes-france-and-england-to-become-the-5th-largest-economy-in-the-world","status":"publish","type":"post","link":"https:\/\/www.grainmart.in\/news\/india-enters-big-5-overtakes-france-and-england-to-become-the-5th-largest-economy-in-the-world\/","title":{"rendered":"India Enters Big 5: Overtakes France and UK to Become the 5th Largest Economy in the World"},"content":{"rendered":"\n

India entered big 5 to become the 5th largest economy in the world overtaking France and UK. A US-based think tank World Population Review revealed India\u2019s economic growth. <\/p>\n\n\n\n

Fifth Largest Economy <\/strong><\/h5>\n\n\n\n

India has emerged as the fifth largest economy with a gross domestic product (GDP) of USD 2.94 trillion. It has taken over the UK and France with economies worth USD 2.83 trillion and USD 2.71 trillion GDP respectively. Besides, India\u2019 s GDP in terms of purchasing power parity (PPP) is USD 10.51 trillion, which is more than that of Japan and Germany. <\/p>\n\n\n\n

<\/p>\n\n\n\n

\"\"
India Ranks 5th Among the World’s Largest Economies as on October 2019<\/figcaption><\/figure>\n\n\n\n

<\/p>\n\n\n\n

Decrease in Real GDP <\/strong>Despite 5th Largest Economy Status<\/h5>\n\n\n\n

The report stated that India is giving up its autocratic policies and developing open markets. The country liberalized trade in the 1990s, opening borders for trade and privatization. However, the report revealed a decrease in India\u2019s real GDP <\/a>for the third consecutive year from 7.5% to 5%. India\u2019s central bank cut down the GDP growth projection<\/a> to 5%, the previous year.<\/p>\n\n\n\n

A Lower Middle Income Country<\/strong><\/h5>\n\n\n\n

The report further declared that Indian’s per capita GDP stood at USD 2170 as compared to USD 62,794 of the US. As a result, India falls in the bracket of USD 1026 to USD 4035 income, making it a lower-middle-income country<\/a>. China falls under a higher middle-income country with a USD 10,098 per capita GDP. That apart, the US with per capita GDP of USD 62794 falls in the high-income country category.<\/p>\n\n\n\n

Government\u2019s Efforts<\/strong> Leading to 5th Largest Economy<\/h5>\n\n\n\n

Highlighting the factors for growth, the report stated the importance of the service sector. It said that the service sector of India is speeding up in growth and accounts for 60% of the economy and 28% employment. Citing Modi government’s efforts, the report emphasized on development of the manufacturing and agricultural sectors. <\/p>\n\n\n\n

Further, it highlighted the government\u2019s efforts like \u2018Make in India<\/a>\u2019 to support the manufacturing sector. Besides, the government has done a lot to improve farmers\u2019 conditions in the country. The recent budget, presented by Nirmala Sitharaman, has given importance to liberalization and privatization.<\/p>\n\n\n\n

In all, the growth has proved that the government is on the right path to achieve the objective of a USD 5 trillion economy<\/a> by 2025.<\/p>\n","protected":false},"excerpt":{"rendered":"

US-based think tank reveals that India enters big 5 and overtakes France and UK to become the 5th largest economy in the world<\/p>\n","protected":false},"author":13,"featured_media":2948,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[11377,4452,120,11575,7001,4009,3037,2882,11581,11379,11578,4395,11577,5340,1413,11250,11380,11381,11378,10176,2879,7059,11382],"class_list":["post-2920","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-5th-largest-economy","tag-agriculture-sector","tag-china","tag-england","tag-france","tag-gdp-growth","tag-germany","tag-japan","tag-largest-economy","tag-liberalization","tag-lower-middle-income-country","tag-lower-middle-income-group","tag-make-in-india","tag-manufacturing-sector","tag-nirmala-sitharaman","tag-ppp","tag-privatization","tag-purchasing-power-parity","tag-real-gdp","tag-trade","tag-united-states-of-america","tag-usd-5-trillion-economy","tag-world-population-review"],"yoast_head":"\nIndia Enters Big 5: Overtakes 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