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NEWS | India Overtakes UK To Become World’s 5th Largest Economy

has overtaken ( ) to become the world’s fifth-largest economy, reported Bloomberg.

India leaped past UK in the final three months of 2021. The calculation is based on US dollars, and India extended its lead in the first quarter, according to GDP figures from the International Monetary Fund, reported Bloomberg.

Further, it is has been predicted that the Indian economy will grow more than 7% this year.

A decade ago, India ranked 11th among the largest economies, while UK was at the 5th position.

"On an adjusted basis and using the dollar exchange rate on the last day of the relevant quarter, the size of the Indian economy in “nominal” cash terms in the quarter through March was $854.7 billion. On the same basis, UK was $816 billion. The calculations were done using the IMF database and historic exchange rates on the Bloomberg terminal," reported Bloomberg.

(Image credit: AP Photo)

03/09/2022

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