Here’s How India Overtook Britain To Become World’s 5th Largest Economy
This news may irritate Britain, which is struggling to find a new prime minister. According to the International Monetary Fund's latest report, India has risen to the fifth largest economy in the world. Keep in mind that Britain will choose a new successor to Boris Johnson on Monday. This is bad news for the incoming leader who will take over for Johnson in such a situation.
However, earlier predictions predicted that India will surpass Britain by 2027. According to IMF figures, India will surpass Britain in the fourth quarter of the calendar year 2021 when calculated in US dollars. The Indian economy, according to IMF data and the dollar exchange rate at the conclusion of the March quarter, the Indian economy reached $854.7 billion, while the UK economy stood at $816 billion during this period.
Following the latest achievement, it is expected that India will soon become the world's fifth largest economy on an annual basis. When it comes to large economies, only the United States, China, Japan, and Germany are ahead of India. India was ranked 11th a decade ago, while Britain was ranked sixth.
According to Bloomberg, India's GDP increased by 13.5 percent during the first quarter of the current fiscal year 2022-23, from April to June. This is the highest level in a year. India is the only country in the world to have achieved this pace of growth in the third quarter. Britain's GDP, on the other hand, increased by only 1% in the second quarter. If inflation rates are noted in this, then it shows a shrinkage of 0.1 percent.