India Surpass UK To Become World Fifth Biggest Economy : India has achieved great success in terms of economy. India has now become the 5th largest economy in the world, overtaking Britain. India, once a British colony, overtook Britain in the last three months of 2021. Britain is currently going through a difficult situation due to the increase in the cost of living.
A Bloomberg report presenting this finding said, “On an adjusted basis and taking into account the dollar exchange rate on the last day of the relevant quarter, the size of the Indian economy stood at $854.7 billion with ‘indicative’ cash in the quarter ended March.” On the same scale, the size of the UK economy was $816 billion. India, the world’s fastest growing major economy, is likely to overtake the UK even further in the next few years. Meanwhile, a ‘note’ by SBI economists said that the Indian economy had overtaken the UK to become the fifth largest economy in the world in December 2021. It said, India is now the fifth largest economy. Interestingly, India had overtaken the UK as the 5th largest economy as early as December 2021, and not as recently as is being claimed.
Uday Kotak, CEO, Kotak Mahindra Bank, said in a tweet, “It is a matter of pride for India to leave behind its colonial ruler Britain as the fifth largest economy in the world. India’s economy is worth $ 3,500 billion as against Britain’s $ 3,200 billion economy. But in terms of population: Britain’s population is 68 million compared to India’s 1.4 billion. GDP per capita there is $47,000 compared to our $2,500. Now we have a long way to go, let’s be ready for it. With India’s population being 20 times that of the UK, its per capita gross domestic product (GDP) is also less.
Vedanta Group Chairman Anil Agarwal said, “We have just overtaken the UK to become the fifth largest economy in the world. What an impressive milestone for India’s rapidly growing economy. We will be among the top three in the next few years. India’s GDP grew at 13.5 per cent in the April-June 2022 quarter, the fastest rate in a year. With this, India has once again become the fastest growing economy in the world. However, due to rising interest costs and signs of slowdown in the world’s major economies, there is a danger of slowing down the pace of growth in the coming quarters. (input language)