India is now the fifth largest economy in the world, overtaking the UK

India is now the fifth largest economy in the world, overtaking the UK

This is the second time India has outperformed the UK in economic terms, and the first in 2019

Vishakha RatnaparakhiUpdated: Saturday, September 03, 2022, 03:07 PM IST
article-image

India has now become the fifth largest economy surpassing the UK, in the final three months of 2021, India outpaced the UK to become the fifth-largest economy. According to GDP data from the International Monetary Fund, which are based in US dollars, India increased its lead in the first quarter.

Calculations are based on US dollars, and India extended its lead according to the International Monetary Fund's first quarter GDP figures, according to Bloomberg report.

India now 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.

Britain's decline in the world rankings is an unfavorable backdrop for the next prime minister. On Monday, members of the Conservative Party will elect a successor to Boris Johnson, Secretary of State Liz Truss is expected to defeat former Finance Minister Rishi Sunak in the runoff.

Country Nominal GDP Annual Growth(%)

(in trillions)

United States $23.0 5.7%

China $17.7 8.1%

Japan $$4.9 1.6%

Germany $4.2 2.9%

*United Kingdom $3.2 7.4%

*India $3.2 8.9%

France $2.9 7.0%

Italy $2.1 6.6%

Canada $2.0 4.6%

South Korea $1.8 4.0%

(The above data represents the top 10 Economies on September 1 2022, India's and UK data have changed)

RECENT STORIES

Banks To Stay Open On Sunday: Upon Government Request, RBI Asks Lenders To Function On March 31

Banks To Stay Open On Sunday: Upon Government Request, RBI Asks Lenders  To Function On March 31

Stock Market News: Indian Indices To Remain Shut Today On Account Of Good Friday

Stock Market News: Indian Indices To Remain Shut Today On Account Of Good Friday

How Does SIP Help You Create Wealth in the Long Term?

How Does SIP Help You Create Wealth in the Long Term?

The Disruptive Potential of AI in Stock Market Trading: Rohan Menon's Perspective

The Disruptive Potential of AI in Stock Market Trading: Rohan Menon's Perspective

Analysis: Anonymous Electoral Bonds Reined In — But What About Anonymous Cash Donations?

Analysis: Anonymous Electoral Bonds Reined In — But What About Anonymous Cash Donations?