According to a Bloomberg article, India has surpassed the United Kingdom to take over as the world’s fifth-largest economy. The nation was ranked as having the fifth-largest economy after outpacing England in the first three months of 2021.
Details about the India Overtakes the UK in Economy
According to the research, the UK has moved up to the sixth spot from where it was rated during the 2019 fiscal year. According to a survey by Bloomberg, the US economy was worth USD 854.7 million in ‘nominal’ cash terms in the quarter ending in March, compared to USD 816 million for the UK.
According to reports, the mark was calculated using an adjusted basis and the dollar exchange rate on the last day of the relevant quarter.
The update was released two days after the government released the first-quarter GDP figures. According to statistics, the Indian economy is expanding by 13.5% annually. Despite the fact that this figure was lower than the RBI’s prediction, the rate is reported to be the highest among emerging nations.
This fiscal year, India is expected to grow at a rate of about 7%.