India Joins Five Largest Economies of the World, Overtake Britain and France

• GDP of the Country at Rs 209 Lakh Crore; Government has Set a Target of 355 Lakh Crore by 2025

India has moved up to number 5 in the world in terms of economy, surpassing Britain and France. The American think tank World Population Review has released the 2019 report. According to this, India’s GDP reached the level of $ 2.94 trillion (Rs 209 lakh crore) last year. Britain was sixth with an economy of $ 2.83 trillion and France at number 7 with $ 2.71 trillion. India was ranked number 7 in 2018. Britain was 5th and France was ranked 6th.

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India’s Service Sector is Included in the World’s Fastest Growing Sector

The report said that India is now developing itself in the open market economy instead of the old policies. Economic liberalization began in India in the 1990s. Control of the industry was reduced at that time. Foreign trade and investment were also exempted and privatization of government companies began. Due to these reasons, India’s economic growth rate accelerated. According to the World Population Review, the India’s service sector is one of the fastest growing sectors in the world. It contributes 60% to the country’s economy and 28% to employment. Manufacturing and agriculture are also important sectors of the Indian economy.

GDP Growth Projected to be 5% Per Annum

The World Population Review also expects India’s GDP growth to be 5% in the current financial year (2019-20). It will be the lowest in 11 years. The Economic Survey presented on 31 January had also released an estimate of 5% growth. The survey said that India is also getting affected due to weakness in global growth. Growth in the current financial year also declined due to lack of investment due to financial sector problems. However, the fall that had to come is already done. Growth is expected to increase from the next financial year. The government has set a target of reaching an economy of 5 lakh crore dollars (355 lakh crore rupees) by 2025.

World Population Review Data Not Confirmed

The World Population Review did not say on what basis the GDP was assessed. The figures for the previous year were also not disclosed. Data from the International Monetary Fund (IMF) were given instead of their figures. This institution, started in 2011, primarily deals with population figures. Its website has claims that it is an independent institution. He has no connection with any political institution.