New Delhi:
India emerged as the world's fifth largest economy by overtaking the UK and France in 2019, says a report.
A US-based think tank World Population Review in its report said that India is developing into an open-market economy from its previous autarkic policies.
"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," it said.
The size of the UK economy is $ 2.83 trillion and that of France is $ 2.71 trillion.
The report further said that in purchasing power parity (PPP) terms, India's GDP (PPP) is $ 10.51 trillion, exceeding that of Japan and Germany. Due to India's high population, India's GDP per capita is $ 2,170 (for comparison, the US is $ 62,794).
India's real GDP growth, however, it said is expected to weaken for the third straight year from 7.5 per cent to 5 per cent.
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.