India Third Largest Economy After U.S. And China

By siliconindia   |   Monday, 30 June 2014, 11:55 Hrs
cmt right
Comment Right
cmt right
cmt right
Printer Print Email Email

BANGALORE: Apart from U.S. and China, India also has one of the largest and fastest growing economies in the world. But inspite of having one of the fastest growing economies, unfortunately it is also one of the poorest countries in the world. Population is the reason behind the poverty in the country. The economy has has seen a strong growth in recent years, as the government has made an intensive effort to improve the economic strength of the nation. However there is still a long way to go. Improvements have been seen in sectors but not as a whole. India is a country with a large high tech sector at one end, while at the other end  a large percentage of the population is still engaged in traditional small scale farming.

India contributes a good share in world’s GDP

It’s surprising that India has taken the place of Japan this year in case of growing economy. Being the third largest economy it is contributing 6.4 percent of share in World’s GDP. The growth of the Indian economy is unusual due to very little exports. When compared to a country like China that has relied heavily on manufacturing products for export, India has exported very little. The U.S. has been the global leader since 1872 and it has been the largest economy in the world. The purchase power parity of India this year is $5757.50 billion leaving India the third largest economy.

next new
GST rate cut to spur Bengaluru
The realty market in India's tech hub is set to grow as lower Goods and Services Tax (GST) rate..
SpiceJet plans aggressive
Budget passenger carrier SpiceJet plans to aggressively expand its international networks to fl..
Fossil Group sells smartwatch
Global watch and accessories maker Fossil Group has announced to sell its smartphone technolog..
Ola raises Rs 400 cr for electric
Leading ride-hailing cab aggregator Ola on Friday said it raised Rs 400 crore from its early in..