India steals the spot from the UK as it becomes the world’s 5th largest economy. Recently, a report from Bloomberg cited GDP (Gross Domestic Product) from IMF (International Monetary Fund) which showed that India surpasses the UK.
This is the 2nd time in its history that India has beaten the UK.
According to IMF, back in 2019, India’s nominal GDP was 2.9 lakh crore dollars, and had become the 5th largest economy. And with GDP 2.8 lakh crore dollars, Britain was in 6th position.
Fall of UK and Rise of Indian Economy
via:bloomberg
With regards to nominal cash, the size of the Indian economy during the quarter through March was $ 854.7 billion whereas it was $814 billion for UK.
The country is struggling with the high cost of living as it is facing the largest inflammation growth in the past four decades.
As per the bank of England, this recession is going to last until 2024. It is predicted that the Indian economy will grow by 7% this year.
According to IMF forecasts, the pound has fallen by 8% against the Indian rupee. Therefore, the Indian rupee is all set to take over the pound this year.
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Top 4 Economies in the World in 2022
- US ranked at the 1st position with nominal GDP of $21.48 trillion.
- China is 2nd with nominal GDP of $14.17 trillion.
- Japan is at 3rd position with $ 5.22 trillion.
- Germany is at 4th position with $4.12 trillion.
Law of Karma Tweets Mahindra
On 3rd September Anand Mahindra, the chairman of the Mahindra group said the law of karma works, as India surpasses the UK and becomes the world’s 5th largest economy.
He shared his joy via Twitter. It reads:
“The law of Karma works. News that would have filled the hearts of every Indian that fought hard & sacrificed much for freedom. And a silent but strong reply to those who thought India would descend into chaos. A time for silent reflection, gratitude.”