India has overtaken the United Kingdom (UK) to become the fifth biggest economy in the world, as per Bloomberg reports on Friday. India overtook the United Kingdom in the final 3 months of 2021 to become the fifth-biggest economy, pushing the UK to the sixth notch for the second consecutive time after it had done the same in 2019.
In 'nominal' cash terms, the Indian economy was worth USD 854.7 billion in the quarter ending in March, compared to USD 816 billion for the UK. Using the dollar exchange rate on the last day of the relevant quarter, this was calculated on an adjusted basis.
The report was released barely two days after the government released the first quarter GDP figures, which showed that India's economy expanded at a rate of 13.5 percent year over year. Despite the fact that this figure was slightly below what the RBI had predicted, the growth rate was still the highest among developing nations. This fiscal year, India is expected to grow at a rate of roughly 7 percent.
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