India soars ahead of UK to become world’s fifth biggest economy

Source: The post is based on the article “India soars ahead of UK to become world’s fifth biggest economy” published in Indian Express on 3rd September 2022.

What is the News?

India has gone ahead of the UK to become the world’s fifth biggest economy.

About India becoming fifth-biggest economy

India has become the fifth biggest economy during the last three months of 2021 pushing the United Kingdom to the sixth spot.

This is the second time India has beaten the UK in terms of economy with the first one being in 2019.

The size of the Indian economy in “nominal” cash terms in the quarter through March was $854.7 billion. On the same basis, the UK was $816 billion.

Hence, now India trails behind the United States, China, Japan and Germany in terms of economy.

A decade ago, India’s rank was 11th among the world’s largest economies, while the UK used to stand firm at Number five.

Moreover, the UK is currently seeing its inflation grow at the fastest pace in four decades, and also faces a threat of a recession that may last well into 2024. On the contrary, the Indian economy is forecast to grow more than 7% this year.