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)

  1. United States $23.0 5.7%

  2. China $17.7 8.1%

  3. Japan $$4.9 1.6%

  4. Germany $4.2 2.9%

  5. *United Kingdom $3.2 7.4%

  6. *India $3.2 8.9%

  7. France $2.9 7.0%

  8. Italy $2.1 6.6%

  9. Canada $2.0 4.6%

  10. 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)

(To receive our E-paper on whatsapp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

Indian Oil keeps prices of petrol, diesel unchanged in Delhi since Thursday; check rates in other...

Indian Oil keeps prices of petrol, diesel unchanged in Delhi since Thursday; check rates in other...

Nervousness in global financial markets but Indian economy continues to be resilient: RBI chief...

Nervousness in global financial markets but Indian economy continues to be resilient: RBI chief...

Opening bell: Sensex, Nifty fall in early trade ahead of RBI monetary policy decision

Opening bell: Sensex, Nifty fall in early trade ahead of RBI monetary policy decision

Rupee rises 24 paise to 81.49 against US dollar in early trade

Rupee rises 24 paise to 81.49 against US dollar in early trade

RBI hikes benchmark lending rate by 50 basis points for 4th time in a row to rein in inflation...

RBI hikes benchmark lending rate by 50 basis points for 4th time in a row to rein in inflation...