India overtakes UK to become world's fifth-largest economy

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• Sep 3, 2022 | Dhupali Das

According to the International Monetary Fund, India will overtake the United Kingdom this year...

Digital Desk: India surpassed Britain to become the fifth-largest economy in the world, according to Bloomberg. In the last three months of 2021, the Indian economy overthrew the UK.

On an adjusted basis using the dollar exchange rate on the final day of the March quarter, India's nominal GDP was $854.70 billion, while Britain's was $816 billion, according to the report.

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.

According to the International Monetary Fund, India will overtake the United Kingdom this year, putting it just behind the United States, China, Japan, and Germany. The report further added that a decade ago, the Indian economy was the 11th largest, while the UK’s occupied the fifth position.

India's GDP increased at its quickest rate in a year in the April-June quarter, at 13.5%, supported by a favourable base and robust growth in agriculture, services, construction, and private consumption. According to the information given by the Ministry of Statistics and Programme Implementation, the country's gross domestic product (GDP) increased by 4.1% in the preceding quarter (January-March of FY22).

After official data showed that the April-June quarter GDP increased 13.5%, the finance secretary, T V Somanathan, stated on Wednesday that the Indian economy is on track to achieve more than a 7% growth rate in the current fiscal year. Somanathan stated that the economy is 4% higher than pre-COVID levels in response to the first quarter GDP figures.