India has created a fascinating plan to transform itself into a $5 trillion economy over the next 5 years. That would actually take the 2nd most populous country in the world into 3rd spot after the United States and China.
The GDP of India in 2019 was $2.972 trillion. It will not be an easy task to accomplish the $5 trillion plan. The country has problems like high unemployment, farm crisis and rising trade tensions. Growth has been slowing. The government of Prime Minister Narendra Modi says concerns have been addressed.
30 years ago, the Indian and Chinese economies were comparable. Today, they are different. China’s GDP and per capita income are nearly 5 times those of India. Meanwhile, India’s economy has problems. India GDP growth today is the lowest it has been in 6 years.
These are top 5 biggest companies in India:
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2) Reliance Industries Limited.
3) Oil and Natural Gas Corporation Limited
4) State Bank of India
5) Tata Motors
Gems and jewellery are interesting in India. Many fascinating famous stones such as the Koh-i-noor and Hope Diamond, came from India. Keep in mind, India is one of the largest centres for polishing diamonds and gems and manufacturing jewellery. India is also one of the 2 largest consumers of gold. After considering crude oil and petroleum products, the export and import of gold, precious metals, precious stones, gems and jewellery accounts for the largest portion of India's great global trade. This industry contributes about 7% of India's GDP, employs millions, and is a major source of its foreign-exchange earnings. The gems and jewellery industry fantastically created $60 billion in economic output on value-added basis in 2017. It is projected to grow to $110 billion by 2022.
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