How did India Become the 5th largest economic country?

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India became the fifth largest economic country in the world in 2019, according to the World Bank. This is an incredible feat, considering the country's relatively small size and population. So, the question comes how did India become one of the world's top economies?


According to India Import Export Data, There are a few key factors that have contributed to India's economic growth. Those key factors are written below - 

 

  • First, the country has a large population that is increasingly becoming more educated and skilled. This has led to a growing workforce that is capable of driving the economy forward. 


  • Second, India has been making significant investments in infrastructure, which has helped to boost economic activity. Finally, the country has been implementing pro-business reforms that have made it more attractive to investors.


All of these factors have combined to make India one of the fastest-growing economies in the world. And with continued growth expected in the years ahead, India is poised to become even more economically prosperous.


There is a 100% Chance if India is growing their economy in the same way then it is confirmed India Would reach the 1st rank in the world as the largest economy by 2030. 


In this Blog, we will give you information How did India become the 5th largest economic country in the world and what factors help India to reach 5th rank in the economy. 



what are the Main factors that help India to reach 5th rank in GDP?


India's economic growth has been impressive in recent years, and there is a prediction by experts that if the country is growing at the same speed then it will reach 1st rank as the largest economy in the world by 2030. 


The top 5 measure factors which are helping India to grow its economy in the world are written below - 


  • Firstly, India has a large and growing population. With over 1.3 billion people, India is the second most populous country in the world and is projected to overtake China as the most populous country in the next decade. This gives India a large domestic market for goods and services.


  • Secondly, India has a young population. The median age in India is just 27 years, compared to 37 years in China and 45 years in Japan. This means that India has a large workforce that is ready and able to contribute to economic growth.


  • Thirdly, India has a rapidly growing economy. GDP growth was 7.6% in 2021, making India the fastest-growing major economy in the world. This growth is being driven by a number of factors, including increasing foreign investment, a growing manufacturing sector, and rising consumer spending.


  • Fourthly, India is home to a large number of well-educated and skilled workers. While India still has a large number of people living in poverty, the country also has a rapidly growing middle class with a strong appetite for quality goods and services. This means that there is a growing pool of workers that can drive India's economy forward.


  • Finally, India has a favorable investment climate. The country has been reforming its economy and has made it easier for foreign companies to invest in India. This has led to an influx of investment, both from foreign companies and from Indian people living abroad.


All of these factors have contributed to India's impressive economic growth in recent years. 


How much money did India earn through Imported & Exported in 2021?


According to recent estimates, India is expected to earn a total of USD 1.2 trillion through imports and exports in 2021. This is a significant increase from the previous year when the country earned a total of 1 trillion USD.


The main reason for this increase is the growing demand for Indian goods and services in the international market. India’s export sector has been growing steadily over the past few years and is now one of the leading contributors to the country’s GDP. 


In 2021, exports are expected to account for almost 15% of India’s GDP. The main drivers of this growth are the growing demand for Indian goods and services in the international market, and the improving infrastructure and logistics in the country.


What are the major Export products & Export Trading partners of India?


The main products that India exports include are 

  1. petroleum products

  2. Chemicals

  3. Textiles

  4. Leather goods

  5. Spices

  6. Tea. 


The main markets for Indian exports are 

  1. the United States 

  2. the United Arab Emirates 

  3. China


India’s export sector is expected to continue growing in the coming years, and contribute to economic growth. 


Conclusion -  so we are assuming that we give you enough information about How did India Become the 5th largest economic country. If you want to learn more about the Indian economy then visit our official website Exim Trade Data

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