These are the 5 largest economies in the world — India ranks fifth surpassing UK and France

• The US has been wearing the crown as the world’s largest economy for the last 149 years.
  
• China is the second largest economy in the world and grew at an average of 9.52% between 1989 and 2019.
  
• India ranks 5th surpassing UK and France.
  
• As India gained the distinction last year, it was hit by a slowdown. The International Monetary Fund on Monday lowered India’s economic growth estimate for the current fiscal to 4.8%.
  

India became the fifth largest economy by overtaking the UK and France in 2019 said a US-based think tank World Population Review. It pegged the size of Indian economy at $3.26 trillion.

“India is developing into an open-market economy from its previous autarkic policies. India’s economic liberalization began in the early 1990s and included industrial deregulation, reduced control on foreign trade and investment, and privatization of state-owned enterprises. These measures have helped India accelerate economic growth,” said the report.

India’s service sector is the fastest growing sector in the world accounting to 60% of the economy and 28% of the employment.

As India gained the distinction last year, it was hit by a slowdown. The International Monetary Fund on Monday lowered India’s economic growth estimate for the current fiscal to 4.8%. It also called the country’s much lower-than-expected GDP numbers as the single biggest drag on its global growth forecast for two years. In October last year, IMF had pegged India economic growth at 6.1% for 2019.