When it comes to top national economies globally although the order may shift slightly from one year to next,the key players remains the same.China passes the US to become the world's largest economy by 2030 while India overtakes Japan ,Germany,the UK and France to become number three.The economies of the emerging world as a whole become bigger than those of the developed world.
Today,India is considered as the world's sixth largest economy by nominal GDP and the third largest by purchasing power parity.According to several studies ,India's growth rate should stabilise at 8%during the next decade,ranking the country as the world's fastest growing economy .Its GDP could overtake that of the US before 2050,turning India into the strongest economy worldwide.India is poised to become the fifth-largest economy overtaking the United kingdom as per the IMF projection.
India's post -independence journey began as an agrarian nation ,however,over the years manufacturing and services sector have emerged strongly.Today,its service sector is the fastest growing sector in the world,contributing to more than 60% to its economy and its accounting for 28% of employment .Manufacturing remains as one of its crucial sectors and is being given due to push via the governments' initiatives such as "Make in India" .Although the contribution of its agricultural sector has declined to around 17%,it still is way higher in comparison to the western nations .The economy's strength lies in a limited dependence on exports ,high saving rates, favourable demographics,and a rising middle class.
REMARKABLE GLOBAL RANKINGS:
Today,India is considered as the world's sixth largest economy by nominal GDP and the third largest by purchasing power parity.According to several studies ,India's growth rate should stabilise at 8%during the next decade,ranking the country as the world's fastest growing economy .Its GDP could overtake that of the US before 2050,turning India into the strongest economy worldwide.India is poised to become the fifth-largest economy overtaking the United kingdom as per the IMF projection.India's post -independence journey began as an agrarian nation ,however,over the years manufacturing and services sector have emerged strongly.Today,its service sector is the fastest growing sector in the world,contributing to more than 60% to its economy and its accounting for 28% of employment .Manufacturing remains as one of its crucial sectors and is being given due to push via the governments' initiatives such as "Make in India" .Although the contribution of its agricultural sector has declined to around 17%,it still is way higher in comparison to the western nations .The economy's strength lies in a limited dependence on exports ,high saving rates, favourable demographics,and a rising middle class.
REMARKABLE GLOBAL RANKINGS:
- GLOBAL COMPETITIVENESS:51st
- FINANCIAL MARKET SOPHISTICATION :17th
- BANKING SECTOR:24th
- INNOVATION:39th
- CONSUMER MARKET:11th
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