India Third Largest Economy After U.S. And China
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.