India has joined the top 5 economy on a quarterly basis due to the rapid growth of the domestic economy amid the slowdown in Europe. IMF estimates that with fast growth, India can reach fifth place on an annual basis as well.
India became the fifth largest economy in the world
The effect of continuous strengthening in the Indian economy is being seen. India has joined the top 5 economy due to the fast growth of the domestic economy amid the slowdown in Europe. In the largest economies, India has overtaken Britain and Britain is now at the sixth position. According to a Bloomberg report, according to the calculation done in US dollars, India has overtaken the UK in the last quarter of 2021. On the other hand, according to the GDP data of IMF, India has strengthened its growth in the first quarter of 2022. According to estimates, with this growth, India can soon become the 5th largest economy in the world on an annual basis.
Indian economy is bigger than UK
Based on the data released by the IMF and the exchange rate of the dollar at the end of the March quarter, Bloomberg has informed that the size of the Indian economy in nominal cash was $ 854.7 billion. In the same period, the size of the UK economy on the same basis was $816 billion. It is being speculated that in the coming times, India will strengthen its edge against the British economy. In fact, the growth estimate for India has been kept at 7 percent. Which is the fastest among all the major economies in the world. On the other hand, there is a possibility of slowdown in the UK economy. In view of this, the IMF has estimated that India will overtake the UK to become the fifth largest economy in dollar value on an annual basis.
India’s GDP grew 10 times in 20 years
On an annual basis, India’s economy is worth $31.7 trillion and ranks sixth, just behind the UK. The GDP of UK currently stands at $3.19 trillion. With an estimated growth of 7 per cent, India is likely to overtake the UK on an annualized basis this year as well. At present, America is the largest economy in the world, followed by China, Japan and Germany. India’s GDP has registered a growth of 10 times in the last 20 years.