New Delhi, February 23: India emerged as the fifth largest economy in the world by overtaking the United Kingdom and France in 2019, according to data from the International Monetary Fund's October World Economic Outlook. The ranking is based on Gross Domestic Product (GDP). India's GDP growth is among the highest in the world in the past decade achieving regular annual growth between 6-7 percent. Former PM Manmohan Singh Targets Narendra Modi Govt on Economy Crisis in India, Says Govt Does Not Acknowledge the Word 'Slowdown'.
"This rapid rise has been fueled by a number of factors, according to a 2016 McKinsey Global Institute report, including urbanization and technologies that have improved efficiency and productivity," a report in the WEF said. Moody's Revises India's GDP Forecast to 5.4 Per Cent in 2020.
— World Economic Forum (@wef) February 22, 2020
As of 2010, India was placed in ninth place trailing behind countries like Brazil and Italy. Since 1995, India's nominal GDP has jumped over 700 percent, WEF said. The report observed that India's GDP forecast is to slow down in the year ahead due to credit weaknesses.
Despite strong economic growth, the country remains home to one-quarter of the world's poor. According to United Nations data, only 39 percent of rural residents can access sanitation facilities. World Bank also noted that "access to development and new opportunities has been uneven."
According to the World Economic Forum, the United States is the largest economy followed by China, Japan and Germany. India's GDP is ahead of economies like the UK, France, Italy, Brazil and Canada.
(The above story first appeared on LatestLY on Feb 23, 2020 12:37 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).