India becomes world’s fifth-largest economy

Recently, India has overtaken the UK to become the fifth largest economy in the world. India is now behind the US, China, Japan and Germany in terms of economy. A decade ago, India was ranked 11th among the world’s largest economies, while the UK was firmly at number 5.

Key Points

  • In the midst of the economic crisis, India has faced the challenges better. On the other hand, Britain is bearing the brunt of its slowness. These figures are given in dollars, and it is worth noting that the Indian rupee has outperformed the UK pound against the dollar.
  • According to the report, the size of the Indian economy with respect to ‘nominal’ cash stood at USD 854.7 billion during the March quarter. In contrast, the same was USD 814 billion for the UK.
  • India’s currency was in a strong position against the pound in the quarter during the time period during which this calculation was done.
  • On the other hand, the Indian economy is registering a growth of 7 per cent, while the UK economy is growing at less than 1 per cent. Due to these reasons, India grew rapidly but Britain could not perform like India and fell behind India in sixth place.

Significantly, India has also performed well in the agriculture and services sector. In the first quarter (April-June) of the current financial year, the country’s GDP has been 13.5 percent. At the same time, comparing it with the April-June quarter of the last financial year (2021-22), the GDP growth rate at that time was 20.1 percent.

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