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With the growing economy, India has now become the 5th largest economy in the world, following America, China, Japan and Germany.
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India has become the 5th largest economy in the world, overtaking Britain. Now only America, China, Japan and Germany are ahead of him. The loss of Britain from India is a big blow to the British government. She is going through a lot of difficulties these days. The 'cost of living' in the UK continues to rise. On the contrary, growth is very sluggish. India, on the other hand, is one of the fastest growing major economies in the world. The Indian economy has grown 13.5% in the first quarter of the current fiscal year.
India's economy is expected to grow at 7 per cent this year. Its weight in the MSCI Emerging Markets Index was second in the quarter. It was only behind China in this matter. Britain has once ruled India. Before 1947, India used to be its colony. India has defeated Britain in the last three months of 2021. According to the data of the International Monetary Fund (IMF), this calculation is based on the US dollar.
The news has arrived at a time when the exercise of finding a new Prime Minister is intensifying in Britain. Members of the Conservative Party on Monday elected Boris Johnson's successor. It is expected that Foreign Minister Liz Truss will overtake former Finance Minister Rishi Sunak. In the UK, inflation has risen at the fastest rate in four decades. The crisis of recession is deepening on him. The Bank of England says that this situation will remain until 2024. In such a situation, whoever becomes the new Prime Minister will face many challenges.
The size of the Indian economy in nominal cash terms in terms of dollar exchange rate stood at $854.7 billion in the March quarter. On this basis, the size of the UK economy was $816 billion. This calculation was done using the IMF database and the historical exchange rate of the Bloomberg terminal.
In terms of cash, UK GDP grew only 1 per cent in the second quarter. If inflation is adjusted in this, then GDP has shrunk by 0.1 percent. The performance of the pound sterling against the rupee has been weak against the dollar. This year the pound has been 8 per cent weaker than the Indian currency. After this, India is now only behind the US, China, Japan and Germany. A decade ago, India was ranked 11th among the major economies. At the same time, Britain occupied the 5th position.