Edited by: Divya Thearia
4 September 2022 (New Delhi): According to Bloomberg, India overtook Britain to become the fifth-largest economy in the world. Over the final three months of 2021, the Indian economy was able to dethrone the UK from its position.
Can India withhold its fifth place?
In the second quarter, the UK’s GDP increased by only 1% in nominal terms and by 0.1% after accounting for inflation. With the pound losing 8% against the rupee this year, sterling has underperformed the dollar relative to the Indian currency.
Calculation of Indian GDP cash withheld position of India
The cash withheld the position of India.
According to research by Bloomberg, the Indian GDP was $854.7 billion in “nominal” cash terms in the March quarter than the UK’s, which was $816 billion. Using the dollar exchange rate on the last day of the pertinent 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% on an annual basis. It had it’s highest growth rate among developing nations. This fiscal year, India is anticipated to grow at the rate of 7 percent.