India emerges as 5th largest economy in the world, says report

A US-based think tank World Population Review in its report said that the country emerged as the 5th largest economy in the world by overtaking the UK and France in 2019.

The report said, “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.” The size of the UK economy is $2.83 trillion and that of France is $2.71 trillion.

India’s GDP per capita is $2,170 (for comparison, the US is $62,794). The report observed that India’s economic liberalisation began in the early 1990s and included industrial deregulation, reduced control on foreign trade and investment, and privatisation of state-owned enterprises.

“These measures have helped India accelerate economic growth,” it said.