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Top 10 economies of the world: Where does India stand?

  • <p>Nominal GDP: $19.39 trillion<br>GDP (PPP): $19.39 trillion<br>The United States has held its position of being the world’s largest economy since 1871. It is often considered an economic superpower because the economy constitutes almost a quarter of the global economy backed by advanced infrastructure, technology, and abundance of natural resources. </p>
    1/10

    1. United States

    Nominal GDP: $19.39 trillion
    GDP (PPP): $19.39 trillion
    The United States has held its position of being the world’s largest economy since 1871. It is often considered an economic superpower because the economy constitutes almost a quarter of the global economy backed by advanced infrastructure, technology, and abundance of natural resources.

  • <p>Nominal GDP: $12.01 trillion<br>GDP (PPP): $23.15 trillion<br>In 1980, China was the 7th largest economy with a GDP of $305.35 billion. Ever since it initiated market reforms in 1978, China has experienced exponential growth breaking the barriers of a centrally planned, closed economy to evolve into a manufacturing and exporting hub of the world. </p>
    2/10

    2. China

    Nominal GDP: $12.01 trillion
    GDP (PPP): $23.15 trillion
    In 1980, China was the 7th largest economy with a GDP of $305.35 billion. Ever since it initiated market reforms in 1978, China has experienced exponential growth breaking the barriers of a centrally planned, closed economy to evolve into a manufacturing and exporting hub of the world.

  • <p>Nominal GDP: $4.87 trillion<br>GDP (PPP): $5.42 trillion<br>Since the financial crisis of 2008, it’s been a challenging time for the Japanese economy. The global crisis triggered recession followed by weak domestic demand and huge public debt. Japan’s economy will get some stimulus with the 2020 Olympics which will ensure strong flow of investment backed by a lax monetary policy by the Bank of Japan. </p>
    3/10

    3. Japan

    Nominal GDP: $4.87 trillion
    GDP (PPP): $5.42 trillion
    Since the financial crisis of 2008, it’s been a challenging time for the Japanese economy. The global crisis triggered recession followed by weak domestic demand and huge public debt. Japan’s economy will get some stimulus with the 2020 Olympics which will ensure strong flow of investment backed by a lax monetary policy by the Bank of Japan.

  • <p>Nominal GDP: $3.68 trillion<br>GDP (PPP): $4.17 trillion<br>Germany’s economy has been dependent upon capital good exports which suffered a setback post-financial crisis of 2008. To give a boost to its manufacturing strength in the current global scenario, Germany launched Industrie 4.0, a strategic initiative to establish the country as a lead market and provider of advanced manufacturing solutions. </p>
    4/10

    4. Germany

    Nominal GDP: $3.68 trillion
    GDP (PPP): $4.17 trillion
    Germany’s economy has been dependent upon capital good exports which suffered a setback post-financial crisis of 2008. To give a boost to its manufacturing strength in the current global scenario, Germany launched Industrie 4.0, a strategic initiative to establish the country as a lead market and provider of advanced manufacturing solutions.

  • <p>Nominal GDP: $2.62 trillion<br>GDP (PPP): $2.91 trillion<br>From 1992 till 2008, the UK economy witnessed an upward growth in each quarter. But it witnessed a decline in its output for five consecutive quarters starting April 2008. From April 2013 onwards, the economy picked up and took five years to grow back to the pre-recession levels. UK’s economy is mainly driven by the services sector which contributes more than 75% of GDP with manufacturing being the second prominent segment followed by agriculture. </p>
    5/10

    5. United Kingdom

    Nominal GDP: $2.62 trillion
    GDP (PPP): $2.91 trillion
    From 1992 till 2008, the UK economy witnessed an upward growth in each quarter. But it witnessed a decline in its output for five consecutive quarters starting April 2008. From April 2013 onwards, the economy picked up and took five years to grow back to the pre-recession levels. UK’s economy is mainly driven by the services sector which contributes more than 75% of GDP with manufacturing being the second prominent segment followed by agriculture.

  • <p>Nominal GDP: $2.61 trillion<br>GDP (PPP): $9.45 trillion<br>The Indian economy was just $189.438 billion in 1980, ranking 13th on the list globally. India is the fastest-growing trillion-dollar economy in the world and the sixth-largest with a nominal GDP of $2.61 trillion. India’s post-independence journey began as an agrarian nation, however, over the years manufacturing and services sector have emerged strongly. The strenght of the Indian economy lies in limited dependence on exports, high saving rates, favorable demographics, and a rising middle class. </p>
    6/10

    6. India

    Nominal GDP: $2.61 trillion
    GDP (PPP): $9.45 trillion
    The Indian economy was just $189.438 billion in 1980, ranking 13th on the list globally. India is the fastest-growing trillion-dollar economy in the world and the sixth-largest with a nominal GDP of $2.61 trillion. India’s post-independence journey began as an agrarian nation, however, over the years manufacturing and services sector have emerged strongly. The strenght of the Indian economy lies in limited dependence on exports, high saving rates, favorable demographics, and a rising middle class.

  • <p>Nominal GDP: $2.58 trillion<br>GDP (PPP): $2.83 trillion<br>France’s economic growth has slowed down in recent years resulting in unemployment which has placed great pressure on the government to reboot the economy. In addition to tourism, its mainstay, France is a leading agricultural producer, accounting for about one-third of all agricultural land within the European Union. The manufacturing sector is majorly dominated by the chemical industry, automotive and armament industry. </p>
    7/10

    7. France

    Nominal GDP: $2.58 trillion
    GDP (PPP): $2.83 trillion
    France’s economic growth has slowed down in recent years resulting in unemployment which has placed great pressure on the government to reboot the economy. In addition to tourism, its mainstay, France is a leading agricultural producer, accounting for about one-third of all agricultural land within the European Union. The manufacturing sector is majorly dominated by the chemical industry, automotive and armament industry.

  • <p>Nominal GDP: $2.05 trillion<br>GDP (PPP): $3.24 trillion<br>Brazil has been riding the commodity wave for years, but suffered multiple setbacks with the end of the commodity supercycle. Internal problems of corruption and political uncertainty which dampened the investment and business environment also slowed down its economy. IMF projects that the economy of Brazil will revive in 2019. </p>
    8/10

    8. Brazil

    Nominal GDP: $2.05 trillion
    GDP (PPP): $3.24 trillion
    Brazil has been riding the commodity wave for years, but suffered multiple setbacks with the end of the commodity supercycle. Internal problems of corruption and political uncertainty which dampened the investment and business environment also slowed down its economy. IMF projects that the economy of Brazil will revive in 2019.

  • <p>Nominal GDP: $1.93 trillion<br>GDP (PPP): $2.31 trillion<br>Italy’s unemployment rate continues to be in double-digits while its public debt remains sticky at around 132% of GDP. On the flipside, exports and business investment are driving economic recovery. </p>
    9/10

    9. Italy

    Nominal GDP: $1.93 trillion
    GDP (PPP): $2.31 trillion
    Italy’s unemployment rate continues to be in double-digits while its public debt remains sticky at around 132% of GDP. On the flipside, exports and business investment are driving economic recovery.

  • <p>Nominal GDP: $1.65 trillion<br>GDP (PPP): $1.76 trillion<br>While services are a crucial sector, manufacturing is the cornerstone of Canada’s economy with 68% of its exports constituting of merchandise exports. Canada is laying a lot of emphasis on manufacturing which is critical to its future economic growth. </p>
    10/10

    10. Canada

    Nominal GDP: $1.65 trillion
    GDP (PPP): $1.76 trillion
    While services are a crucial sector, manufacturing is the cornerstone of Canada’s economy with 68% of its exports constituting of merchandise exports. Canada is laying a lot of emphasis on manufacturing which is critical to its future economic growth.

<p>Nominal GDP: $19.39 trillion<br>GDP (PPP): $19.39 trillion<br>The United States has held its position of being the world’s largest economy since 1871. It is often considered an economic superpower because the economy constitutes almost a quarter of the global economy backed by advanced infrastructure, technology, and abundance of natural resources. </p>
<p>Nominal GDP: $12.01 trillion<br>GDP (PPP): $23.15 trillion<br>In 1980, China was the 7th largest economy with a GDP of $305.35 billion. Ever since it initiated market reforms in 1978, China has experienced exponential growth breaking the barriers of a centrally planned, closed economy to evolve into a manufacturing and exporting hub of the world. </p>
<p>Nominal GDP: $4.87 trillion<br>GDP (PPP): $5.42 trillion<br>Since the financial crisis of 2008, it’s been a challenging time for the Japanese economy. The global crisis triggered recession followed by weak domestic demand and huge public debt. Japan’s economy will get some stimulus with the 2020 Olympics which will ensure strong flow of investment backed by a lax monetary policy by the Bank of Japan. </p>
<p>Nominal GDP: $3.68 trillion<br>GDP (PPP): $4.17 trillion<br>Germany’s economy has been dependent upon capital good exports which suffered a setback post-financial crisis of 2008. To give a boost to its manufacturing strength in the current global scenario, Germany launched Industrie 4.0, a strategic initiative to establish the country as a lead market and provider of advanced manufacturing solutions. </p>
<p>Nominal GDP: $2.62 trillion<br>GDP (PPP): $2.91 trillion<br>From 1992 till 2008, the UK economy witnessed an upward growth in each quarter. But it witnessed a decline in its output for five consecutive quarters starting April 2008. From April 2013 onwards, the economy picked up and took five years to grow back to the pre-recession levels. UK’s economy is mainly driven by the services sector which contributes more than 75% of GDP with manufacturing being the second prominent segment followed by agriculture. </p>
<p>Nominal GDP: $2.61 trillion<br>GDP (PPP): $9.45 trillion<br>The Indian economy was just $189.438 billion in 1980, ranking 13th on the list globally. India is the fastest-growing trillion-dollar economy in the world and the sixth-largest with a nominal GDP of $2.61 trillion. India’s post-independence journey began as an agrarian nation, however, over the years manufacturing and services sector have emerged strongly. The strenght of the Indian economy lies in limited dependence on exports, high saving rates, favorable demographics, and a rising middle class. </p>
<p>Nominal GDP: $2.58 trillion<br>GDP (PPP): $2.83 trillion<br>France’s economic growth has slowed down in recent years resulting in unemployment which has placed great pressure on the government to reboot the economy. In addition to tourism, its mainstay, France is a leading agricultural producer, accounting for about one-third of all agricultural land within the European Union. The manufacturing sector is majorly dominated by the chemical industry, automotive and armament industry. </p>
<p>Nominal GDP: $2.05 trillion<br>GDP (PPP): $3.24 trillion<br>Brazil has been riding the commodity wave for years, but suffered multiple setbacks with the end of the commodity supercycle. Internal problems of corruption and political uncertainty which dampened the investment and business environment also slowed down its economy. IMF projects that the economy of Brazil will revive in 2019. </p>
<p>Nominal GDP: $1.93 trillion<br>GDP (PPP): $2.31 trillion<br>Italy’s unemployment rate continues to be in double-digits while its public debt remains sticky at around 132% of GDP. On the flipside, exports and business investment are driving economic recovery. </p>
<p>Nominal GDP: $1.65 trillion<br>GDP (PPP): $1.76 trillion<br>While services are a crucial sector, manufacturing is the cornerstone of Canada’s economy with 68% of its exports constituting of merchandise exports. Canada is laying a lot of emphasis on manufacturing which is critical to its future economic growth. </p>
Chaitra Anand

Following a report by International Monetary Fund (IMF) earlier this year, which declared India the 6th fastest growing large economy in the world, Prime Minister Narendra Modi exuded confidence that India could even be the second-largest economy by the year 2030.

The Prime Minister referenced reports from leading agencies such as IMF and World Bank, which project that the same trend would continue in the coming years. He reiterated that even in uncertain global economic environment, India has shown tremendous resilience as an anchor of the world economy.

Notwithstanding the fact that in April 2019, IMF reduced India’s growth forecast for the recently-concluded fiscal and the next two years, on account of softer recent growth and weaker global outlook, India continues to retain its place as the fastest growing major economy.

With Lok Sabha elections upon the nation and the current political climate with regards to jobs and economic growth, seasoned economists have collectively warned against overconfidence based on forecasts. A recent unemployment report revealed loss of up to 50 lakh jobs in the economy.

However, the nation still holds on to its 6th position in this report among the top ten economies of the world. Take a look.

Source & Images: www.imf.org, www.investopedia.com, getty