India overtakes the UK as world’s fifth-largest economy

India’s economic size will be higher than UK’s in terms of performance by 2027

September 5, 2022

The Indian economy ranks behind the United States, China, Japan, and Germany in terms of size in dollars

India is growing by 7% despite the global economy undergoing a slowdown

The UK and the US have an inflation of 10% and 9% respectively while it is 6-7% in India

However, the per capita income continues to remain very low

India has become the world’s fifth-largest economy after overtaking the United Kingdom in end-March 2022, as per the latest calculations by Bloomberg using the IMF database and historic exchange rates. Currently, the Indian economy ranks behind the United States, China, Japan, and Germany in terms of size in dollars.

As per industry analysts, it is anticipated that India’s economic size will be higher than UK’s in terms of performance by 2027. Economists have also stated that India is growing by 7% despite the global economy undergoing a slowdown. The UK and the US have an inflation of 10% and 9% respectively while it is 6-7% in India, which augurs well before the festive period

While India’s economic size has overtaken the UK, the per capita income continues to remain very low. Regarding per capita income, which measures how much money is made per person in a country, India is ranked 122 out of 190 countries.

Source:
Livemint

The Hindu