India Booms Into World?s Top 10 Economies According to The World Bank
By Sanjay Sharma, Section News
Posted on Thu Jul 14, 2005 at 06:12:08 PM EST
India has officially become one of the world?s largest economies, claiming tenth place in the league table of top global financial players, the World Bank has declared. The World Bank said the country has averaged more than six per cent economic growth over the past decade, on the back of foreign investment and an extended programme of economic liberalisation.
- Massive industrial growth combined with increasing investment from Western companies has elevated the Asian giant from 12th place into tenth, just behind Spain, Canada and China.
- It is now worth $692bn (?393bn), and fuelled by an economic growth spurt of 7 per cent over the last two years, has overtaken traditional rivals Korea and Mexico.
Its tenth place position also dictates that world economic leader, the United States, firmly dominates the top five slots and leaves a host of European nations, including the UK, jockeying for mid-table positions. The third largest economy for example is Germany, now worth $2,714bn (?1,542bn); the fourth is the UK on $2,141(?1,216bn), followed next by France and Italy, in fifth and sixth places respectively.
- Yet beyond the numerical similarities in terms of GDP, the world?s seven largest economies in 2003 are still the world?s seven largest economies in 2005 - only India is advancing through the rankings, and at a rate that could shake up the status quo.
On the face of India, locations like Bangalore, New Delhi and Gurgaon have become keywords for Western companies pursuing BPO opportunities, software development, cheap labour and call centre operations. Service sectors continue to thrive as the main economic performer, the World Bank said, while manufacturing, currently India?s most regulated sector, emerged as the weakest.
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