India Pips UK to Become World's 5th Largest Economy

India has raced ahead of Britain to become the world’s fifth largest economy and the fastest growing one too. The United Kingdom slipped to 6th place and the calculation is based on US dollars, with India extending its lead in the first quarter.

According to the Bloomberg report, the size of the Indian economy in 'nominal' cash was $854.7 billion during the quarter through March while the UK was at $814 billion.

International Monetary Fund's own forecasts show India surpassing the UK in dollar terms on an annual basis this year. This made India stand ahead of the US, China, Japan, and Germany. A decade ago, the Asian Powerhouse stood in 11th position while the UK was 5th.

The report comes just two days after the data released by the government in which it showed that India's gross domestic product (GDP) grew 13.5% in the first quarter of the current financial year (April-June) as compared to 4.1 percent in the previous quarter on the back of a favourable base.

"Real GDP or gross domestic product (GDP) at constant (2011-12) prices in Q1 2022-23 is estimated to attain a level of Rs 36.85 lakh crore, as against Rs 32.46 lakh crore in Q1 2021-22, showing a growth of 13.5 percent as compared to 20.1 percent in Q1 2021-22,"  according to an official statement.

Nirmala Sitharaman shared the news and wrote, "The IMF’s own forecasts show India overtaking the UK in $ terms on an annual basis this year, putting the Asian powerhouse behind just the US, China, Japan and Germany. A decade ago, India ranked 11th among the largest economies, while the UK was 5th."

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