India Becomes Fifth Largest Economy in the World

(The Quiver): After the government of London has suffered yet another setback, as they are unable to cop up with high cost of living, India has leapfrogged United Kingdom to become the world’s fifth largest economy.

According to sources, In the final three months of 2021, the former British colony overtook the UK to take over as the world’s fifth-largest economy. India continued to lead the calculation based in US dollars during the first quarter.

In contrast, it is anticipated that the Indian economy will expand by more than 7% this year. Indian stocks have saw a global-beating recovery, moving their position in the MSCI Emerging Markets Index to the second spot, behind only China’s.

On the basis of dollar exchange rate, The Indian economy was $854.7 billion in “nominal” cash terms in the three months ending in March. The UK was $816 billion based on the same scale.

The dollar was relatively underperformed to the Rupee, as the pound losing 8% of its value against Indian currency this year.

For the next prime minister, the UK’s slip in global rankings is an unwanted backdrop as foreign secretary Liz Truss is expected to beat Rishi Sunak in the UK elections.

India was the eleventh-largest economy ten years ago, while the UK was the fifth-largest. After overtaking UK in monetary terms, this leaves only United States of America, China, Japan and Germany ahead of India.