India becomes fifth largest economy, surpasses UK

NEW DELHI: India has become the fifth largest economic power in the world overcoming the UK. This is according to Bloomberg report citing GDP figures from the International Monetary Fund.

In the last three months of 2021, India has been reported to be the fifth largest economy, pushing Britain to the sixth position. The 'nominal' value of the Indian economy was $854.7 billion in the last quarter. On the same basis, the UK was $816 billion. These figures are based on the last day's dollar exchange rate.

The GDP figures of the International Monetary Fund show that India has maintained its lead in the first quarter of the current financial year as well. The latest report shows the economic trajectory of India and the UK in recent months.

The UK is witnessing the fastest rate of inflation in four decades. The Bank of England has reported that the country is facing the threat of a prolonged recession until 2024. The latest economic performance is a blow to the ruling Conservative Party amid a leadership shake-up following the resignation of Boris Johnson.

Meanwhile, the Indian economy is expected to grow by more than seven percent this year. About a decade ago, India was the eleventh largest economy in the world.