Looks like India has beaten the UK once again in terms of economy. Yes, you heard it right! India has become the world’s fifth-largest economy after it pushed the United Kingdom to the sixth spot in end-March 2022, according to International Monetary Fund (IMF) data. A Bloomberg report revealed that the size of the Indian economy in ‘nominal’ cash terms in the quarter through March was $854.7 billion, while that of the UK was $816 billion. This is the second time India has beaten the UK in terms of economy, with the first one being in 2019.
According To IMF Projections, India Is Now Behind Only the US, China, Japan, And Germany In Terms Of Economy
According to the International Monetary Fund (IMF) Projections, India’s economy is fast growing and there is likely to be a huge gap between India and the UK within the next few years, revealed a Bloomberg report. Bloomberg used the IMF database and historic exchange rates for deriving the conclusions.
“On an adjusted basis and using the dollar exchange rate on the last day of the relevant quarter, 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,” revealed the Bloomberg report. IMF data also predicts that India’s economy could beat Germany to 4th place by the year 2027.
India is Offcially the 5th Largest Economy in the World. UK Slips Behind India to Become World’s Sixth Biggest Economy – Bloomberg.#GDPgrowth #IndianEconomyOnRightTrack #IndianEconomy pic.twitter.com/0Woa4FJvx3
— Vedant Purohit (@iVedantPurohit) September 3, 2022
India’s Rich Culture, Food, And Language Make It The 5th Biggest Economy
According to IMF, India’s Rich Culture, Food, and Language Make It The 5th Biggest Economy. The cuisine in the country differs with geography and states and the diversity is what makes India’s food add a lot to the country’s economic growth. India also ranks highly in terms of languages. India’s culture too is very rich and the country has 40 world heritage sites listed by UNESCO. No doubt food, language, and heritage helped India achieve the position of the 5th biggest economy in the World. .A lot of people took to Twitter to express their happiness about the country becoming the 5th biggest economy by beating their colonial rulers. However, a lot of them also revealed how India still has miles to go. “Proud moment for India to pip UK, our colonial ruler, as the 5th largest economy: India $3.5trn vs the UK $3.2trn.But a reality check of population denominator: India: 1.4 bn vs UK.068 bn.Hence,per capita GDP we at $2,500 vs $47,000. We have miles to go…Let’s be at it,” said Uday Kotak, CEO of Kotak Mahindra Bank. Anil Agarwal, chairman of mining giant Vedanta group also expressed his delight with a tweet. “We just became the 5th largest #economy in the world, surpassing the U.K.! What an impressive milestone for our rapidly growing Indian economy… In a few years, we will be in Top 3,” he tweeted.
We just became the 5th largest #economy in the world, surpassing UK! 👏🏽👏🏽👏🏽
What an impressive milestone for our rapidly growing Indian economy…In a few years, we will be in Top 3! 🇮🇳— Anil Agarwal (@AnilAgarwal_Ved) September 3, 2022
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First Published: September 05, 2022 1:07 PM