India Overtakes UK To Become 5th Largest Economy In The World
India leaped past the UK in the final three months of 2021 to become the fifth-biggest economy. New Delhi: India has overtaken the UK to become the world’s fifth-largest economy and is now behind only the US, China, Japan and Germany, according to IMF projections. A decade back, India was ranked 11th among the large economies while the UK was at the fifth position. With record beating expansion in the April-June quarter, the Indian economy has now overtaken the UK, which has slipped to the sixth spot. The assumption of India overtaking the UK is based on calculations by Bloomberg using the IMF database and historic exchange rates on its terminal. “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 USD 854.7 billion. On the same basis, the UK was USD 816 billion,” stated a Bloomberg report. With India being the world’s fastest-growing major economy, ...