According to reports, India has surpassed the United Kingdom to become the world’s fifth largest economy. India surpassed the United Kingdom in the final three months of 2021 to become the fifth-largest economy, relegating the United Kingdom to sixth place for the second time after doing so in 2019.
According to the report, the Indian economy was $854.7 billion in ‘nominal’ cash terms in the quarter through March, while the UK was $816 billion.
This was done on an adjusted basis, with the dollar exchange rate on the last day of the relevant quarter being used.
The report comes just two days after the government released GDP data for the first quarter, which showed that the Indian economy grew by 13.5% year on year.
While this figure was slightly lower than the RBI had predicted, the rate of growth was still among the highest among developing countries.
This fiscal year, India is expected to grow at a rate of around 7%.