As of 2022 , India is the ______ largest economy in the world (as measured by nominal GDP).

The correct answer is Fifth.​ Key Points

• On the basis of nominal GDP, India is the world's fifth-largest economy as of 2022.
• GDP stands for Gross Domestic Product.
• GDP is the total market value of all final goods and services produced during a given time period within a nation's domestic borders.
• GDP is the most referred indicator for highlighting a country's economy, whether its size or its performance, and GDP is used as the benchmark growth indicator.
• The major contribution of GDP in India is of the service sector, followed by the manufacturing sector, and then by the primary sector.

Additional Information

• GDP:
  • GDP’s full form is Gross Domestic Product is evaluated regularly to account for changing production structure, relative prices, and better recording of economic activities.
  • Gross Domestic Product (GDP) is the total monetary value of final goods and services produced in the economic territories of a country in a given year. 
  • Non-monetary goods and services (e.g. cooking by housewives) are not included in GDP calculation. 
  • Economic transactions virtually include everything economic in the country. For e.g., if a stockbroker sells and purchases the same stock worth Rs. 1000 five times in a day, it does not increase the GDP of the country by Rs. 5000.
  • Economic transactions may also include buying and selling of bonds, FII inflows, and outflows, etc. 
  • GDP includes the value of all goods and services produced within a country within a year.