Rising Pride of India

    New Delhi: India's GDP overtook that of the UK and France in 2019 to become the fifth largest economy in the world after the US, China, Japan and Germany, according to the European Press Agency. This is to be expected, as India's GDP growth has outpaced China's in recent years, consistently exceeding 7%. But India's real GDP growth slowed to 5% in 2019 from 7.5% three years ago, with a GROSS national product (GDP) of $2.94 trillion in DOLLAR terms.

    But there is a sense that India's own industrial structure will limit its continued high growth. India's services, agriculture and contract manufacturing sectors are its economic contributors. In particular, services are the fastest-growing sector in the world, accounting for 60% of India's economy and 28% of its employment. In the long run, deficiencies in traditional infrastructure and lack of capital will hold back India's high economic growth. Mr Modi's pledge to make India the world's third largest economy by 2030 May prove empty.

    The S&P 500 and ICIX.GI continued to set new highs. Tesla rose by more than 7%, driving the collective rise of the new energy automobile sector.