A proud moment for India as the nation seals its spot as the 5th largest economy in the world. This is the second time that India has succeeded in being at a better place than the United Kingdom in terms of economic growth. Stay tuned to this post on Money Niyantran till the end to know about it in detail and don’t forget to follow us for national and international news.
India Leaps Past the United Kingdom and Becomes 5th Largest Economy of the World
As residents of the UK struggle with extreme high cost of living, this is the second time since 2019 that India managed to overtake the UK in the ranking of world’s best economies. According to a Bloomberg report, the approximate size of India’s economy in terms of nominal cash during the first quarter of 2022 was $854.7 billion, thus making it the world’s 5th largest economy. For the UK, the ‘nominal’ cash was $814 billion. This calculation was done on the basis of the dollar exchange rate applicable on the relevant quarter’s last date.
According to the Bloomberg report, “A world-beating rebound in Indian stocks this quarter has just seen their weighting rise to the second spot in the MSCI Emerging Markets Index, trailing only China’s”.
India Becomes 5th Largest Economy of the World
So, India’s economy is now behind the United States, China, Japan and Germany. Now the 5th largest economy, 10 years ago, India ranked 11th in the list of the biggest economies of the world while the UK always maintained its firm position at Number 5. The IMF forecast states that this year the value of pound has dropped by 8 per cent against the currency of India, rupee.
This report was published two days after official data showed that the GDP of India rose 13.5% in Q1FY23 as opposed to the 20.1% growth recorded in Q1 2021-22:
“Real GDP or gross domestic product (GDP) at constant (2011-12) process in Q1 2022-23 is estimated to attain a level of Rs. 36.85 lakh crore, as against Rs. 32.46 lakh crore in Q1 2021-22, showing a growth of 13.5 per cent as compared to 20.1 per cent in Q1 2021-22.” As per the National Statistical Office’s latest data, during the period of April-June 2022, the GVA (Gross Value Added) of the country reflects remarkable growth in supply by 12.7%.
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