India, a former British colony, surpassed Britain and became the world’s fifth largest economy on Friday 
India, a former British colony, surpassed Britain and became the world’s fifth largest economy on Friday 
Indian business tycoon and Mahindra Group chairman, Anand Mahindra, on Saturday, hailed India for surpassing the United Kingdom to become the fifth largest economy in the world. Mahindra tweeted that this news would have filled the hearts of every Indian who fought hard & sacrificed much for freedom.
India, a former British colony, surpassed Britain and became the world’s fifth largest economy on Friday, reported Bloomberg.
Mahindra, in a Twitter post, said: “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."
Nirmala Sitharaman, Minister of Finance and Corporate Affairs, also tweeted: "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."
Uday Kotak, CEO, Kotak Mahindra Bank, said: "Proud moment for India to pip UK, our colonial ruler, as the 5th largest economy: India $3.5trn vs UK $3.2trn.But a reality check of population denominator: India: 1.4 bn vs UK.068 bn.Hence,per capita GDP we at $2,500 vs $47,000. We have miles to go…Let’s be at it!"
Also, Sambit Patra, national spokesperson of the ruling BJP, tweeted, “India has taken over the UK and become the fifth largest economy in the world. Once who ruled us are now behind us in the economy. However, Congress is unable to shed its colonial mindset.”
Anil Agarwal, Chairman of Vedanta Resources Limited, while sharing his views, tweeted, “We just became the 5th largest #economy in the world, surpassing UK! What an impressive milestone for our rapidly growing Indian economy…In a few years, we will be in Top 3!”
Sarbananda Sonowal, Minister of Ports, Shipping and Waterways, Minister of AYUSH, said, “The leadership of Hon'ble PM Shri @narendramodi ji is taking India rapidly to unprecedented heights globally. As per IMF report, India overtakes Britain to become the world's fifth largest economy.”
The size of the Indian economy in 'nominal' cash terms in the quarter through March was $854.7 billion while the UK was $816 billion, according to the GDP figures from the International Monetary Fund (IMF). These calculations were done using the IMF's database and the Bloomberg terminal’s historic exchange rates.
A few days earlier, the Indian government put out the GDP data for the first quarter which showed the domestic economy grew at 13.5 per cent year-on-year. While this number was a little lower than the Reserve Bank of India’s forecast, the country’s growth rate was still the highest among the developing countries. India is expected to grow by over 7 per cent this year.
Britain's GDP grew around 1 per cent in terms of cash in the second quarter, which after adjusting for inflation dropped 0.1 per cent. The official currency of England, Wales, Scotland, and Northern Ireland, the pound sterling also underperformed the dollar relative to the Indian rupee.
As per the IMF’s forecasts, India overtaking the UK in dollar terms on an annual basis in 2022 has put the nation behind the US, China, Japan and Germany.
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