Bengaluru: In a development that should make every Indian’s heart swell with pride, India has become the world’s fifth largest economy.

A US think tank World Population Review report has also said that India has shifted to an open market from its autarkic policies.

"India's economy is the fifth largest in the world with a GDP of USD 2.94 trillion, overtaking the UK and France in 2019 to take the fifth spot," it said.

The size of the UK economy is USD 2.83 trillion and that of France is USD 2.71 trillion.

As quoted by a popular website, the report further said that in purchasing power parity (PPP) terms, India's GDP (PPP) is USD 10.51 trillion, exceeding that of Japan and Germany. Due to India's high population, India's GDP per capita is USD 2,170 (for comparison, the US is USD 62,794).

But on the other side, 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 also acknowledged that  India's economic liberalisation began in the early 1990s and also included industrial deregulation, reduced control on foreign trade and investment, and privatisation of state-owned enterprises.

Here is something very noteworthy.

India's service sector is the fast-growing sector in the world accounting for 60 per cent of the economy and 28 per of employment, the report said, adding that manufacturing and agriculture are two other significant sectors of the economy.

The organisation, which prepared this report, is an apolitical organisation.

PM Modi has set a goal of achieving a 5 trillion dollar economy by the year 2024.