India has overtaken Britain in terms of economy. India has now become the fifth largest economy country in the world after America, China, Japan and Germany.
India, once a colony of Britain, became the fifth largest economy in the last three months of 2021, overtaking it. According to the International Monetary Fund’s GDP data, India increased its growth in the first quarter. At present, the Indian economy is projected to be ahead of the UK by 2027. At the same time, this year it is expected to grow by more than seven percent.
The world’s interest in Indian stocks in the quarter led the country to gain the second position after China in the MSCI Emerging Markets Index. On an adjusted basis and using the dollar exchange rate on the last day of the relevant quarter, the size of the Indian economy in the quarter during March in cash terms was US$ 854.7 billion while in the case of Britain it stood at US$ 816 billion. It was calculated using historical exchange rates on the IMF database and computer software on the Bloomberg terminal.
Experts believe that the UK economy may go down further. UK GDP grew only 1 per cent in cash in the second quarter and shrank 0.1 per cent after adjusting for inflation.
Pound weakens against rupee
The pound also underperformed the dollar against the rupee. The pound fell eight per cent against the Indian currency this year. According to IMF forecasts, the Asian superpower India has overtaken Britain in terms of dollar on a yearly basis this year, after only the US, China, Japan and Germany. A decade ago, India was ranked 11th among the largest economies while Britain was at number five.
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