India’s GDP Share of the Global Economy – 2019
According to the economic outlook released by the IMF in 2019, India’s Economy (GDP) is said to be $2.9 Trillion. Currently, the United States is the number one country in the world economy with about $22 Trillion. China is in the Second place which is valued at $14 Trillion. Japan ranks third and Germany at Fourth.
India ranks in the Fifth position in the Global Economy. The country is also said to be one of the Fastest growing economy. In terms of Purchasing Power Parity (PPP), China holds the number one position in the world. The United States comes in the Second and India is in the third position.
India’s Economy growing is due to the High Consumption and the emerging in the Service Industry. The Service sector holds the maximum percentage than the Agriculture and Manufacturing in India. It has contributed 60 Percent of the growth in GDP and 28 Percent of the employment has been generated through the Service Industry.
Where the GDP per capita is low in India, which is said to be as Emerging Nation. Although the Agriculture percentage in India has declined, still it is better as compared to Western Countries. The Key contributor of the growth of the country is the Domestic Consumption Market, Regular Demand for Essential Commodities and High Savings. However there is no significant development in Infrastructure and Health.
Petroleum Products, Precious Metals and Gems, Electrical Equipment, Chemicals, Iron, Steel and Pharmaceutical products are the Main Exports of the Country. The imports includes with Crude, Petroleum products, Gold, Pearls, Telecommunication and Electronic Components, Oil, Plastic and other Medical machinery items.
India have the Trade Deficit with China, where our imports from China is higher than the Exports. on the other side, we had a Surplus with the United States, where our imports to US are higher than the imports. On India’s imports, China tops the list, United States in the Second and UAE in the third position.
For exports from India, United States were come first. Then UAE and China were coming for the Second and Third spot. We have surplus on Trade with United States in the recent years.
The United States contributes 23.6 Percent to the Global Economy. Where China contributing 15.5 Percent, Japan with 5.7 Percent and Germany is said to be around 4.6 Percent Share of the World GDP. The United Kingdom takes its place with 3.3 Percent GDP Share, where India comes in the Sixth Position with 2.31 Percent share of the Global Economy.
The Top 20 Countries in the GDP share of the Global economy is totalled to 78.8 Percent. Other nations are hold in the remaining 21.2 Percent. So, there are 173 Countries outside the Top 20 Economies make up less than a Fourth of the Total Global Economy.
With the exception of Emerging nations, the World economy is struggling to meet the essential needs in many countries. Most Developed countries have control of small and marginal nations and often the border of Developing Countries is seen as Tense.
Developed and Emerging economies are building their GDP towards the Capital Market. Lack of Governance and it’s policies are a key problem in such countries. Debt to the consumption of the Country is increasing. Most Countries have been able to stimulate the economy through Foreign investments and working with the Central Bank’s activities – Print Money, Interest rate and Inflation.
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