New Delhi: India surpassed Britain to become the fifth-largest economy in the world, according to Bloomberg. The UK’s position was overturned by the Indian economy in the final three months of 2021.
According to the report, India’s “nominal” GDP on an adjusted basis using the dollar exchange rate on the last day of the March quarter was $854.70 billion, whereas Britain’s was $816 billion.
In contrast to the UK economy, which is struggling due to high energy costs and growing consumer inflation, India’s economy is predicted to rise by 7% this year.
India was predicted by the International Monetary Fund to pass the UK this year, putting it only behind the US, China, Japan, and Germany. According to the report, the UK’s economy was in fifth place a decade ago, while India’s was in eleventh.
At 13.5%, India’s GDP grew at its fastest clip in a year in the April-June quarter aided by a favourable base, a robust growth in the farm, services, construction and private consumption. In the previous quarter (January-March of FY22), the country’s gross domestic product (GDP) grew 4.1%, according to data released by the Ministry of Statistics and Programme Implementation (MoSPI).
The Indian economy is on course to achieve more than a 7% growth rate in the current fiscal year, finance secretary T V Somanathan said on Wednesday after official data showed that the April-June quarter GDP grew 13.5%. Commenting on the first quarter GDP numbers, Somanathan said the economy is 4 per cent above pre-Covid levels.
