India beats UK to become world’s fifth largest economy
India overtook the UK in the last three months of 2021 to become the fifth largest economy, ousting the UK to sixth place for the second time since 2019.
TNI Bureau: India has overtaken Britain to become the world’s fifth largest economy, Bloomberg reported on Friday. India overtook the UK in the last three months of 2021 to become the fifth largest economy, ousting the UK to sixth place for the second time since 2019.
According to the report, the size of the Indian economy in “nominal” cash terms was $854.7 billion in volume for the quarter ended March, while the UK was $816 billion. This was on an adjusted basis and using the dollar exchange rate on the last day of the relevant quarter.
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The report comes just two days after the government released first-quarter GDP data, which showed the Indian economy grew 13.5 percent year-on-year.
Although this figure was slightly lower than the RBI forecast, the growth rate was still the highest among developing countries. India is expected to grow about 7 percent this fiscal year.
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