India has now become the fifth largest economy in the world. The Indian economy has overtaken Britain and France in 2019. This information is given by a report by the Research Institute World Population Review of America. The Institute has stated in its report that India has moved ahead with the earlier policy of becoming self-reliant and is developing as an open market economy. According to the report of the institute, “India has become the fifth-largest economy in the world with $ 2,940 billion in the gross domestic product (GDP). India has overtaken Britain and France in the last year in terms of GDP. “
Let us tell you that the economy of Britain is $ 2830 billion while the size of the economy of France is $ 2710 billion. India’s GDP is $ 10,510 billion based on purchasing power parity (PPP). It is more than in Japan and Germany. GDP per capita in India is $ 2,170 due to the high population. Talking about America, the GDP per capita there is $ 62,794. However, India’s real GDP growth rate may remain weak for the third consecutive quarter due to sluggishness in the recent past. It has come down from 7.5 percent to 5 percent.
The institute has stated in its report that economic liberalization in India started in the 1990s. Many reforms were brought after this. The industry was deregulated, foreign trade and investment was reduced and public sector companies were privatized. According to the report, these measures have helped India to accelerate economic growth.