The United Kingdom has slipped to the 6th position in the World’s largest economy list, with India proudly coming at the fifth position. Know all details here.
Here comes a piece of great news for all proud Indians! Once a colony, now a competitor, India has overtaken Britain’s position in the World’s largest economy list. Per Bloomberg, India has emerged as the 5th largest economy in the last three months of the previous year, viz, 2021.
On the last day of the March quarter, India’s “nominal” GDP on an adjusted basis using the dollar exchange rate was $854.70 billion.
India’s economy is expected to increase by 7% in 2022. However, on the other hand, the UK is struggling with mounting energy prices, and high consumer inflation.
According to the International Monetary Fund, India has overtaken the UK and stands behind the US, China, Japan, and Germany in the list. The scenario was not the same 10 years ago when the country stood at the 11th position.
India’s GDP experienced a strong boom in the April-June quarter at 13.5%. This has been possible due to strong growth in the farm, construction, and private consumption. In the January-March quarter of FY22, India’s GDP increased 4.1%, as per the date released by the Ministry of Statistics and Programme Implementation (MoSPI).
As per T V Somanathan, finance secretary, the economy of the country is aiming to touch a growth rate of more than 7% in the ongoing fiscal year. He also stated that the Indian economy has increased by 4% from the pre-Covid levels.
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