India becomes world’s fifth largest economy
First Published: 3rd September, 2022 18:41 IST
India surpassed Britain today to become the world’s fifth largest economy. According to GDP figures from the International Monetary Fund, the UK’s economy dropped behind India in its first quarter.
India surpassed Britain today to become the world’s fifth largest economy.
According to GDP figures from the International Monetary Fund, the UK’s economy dropped behind India in its first quarter.
A decade ago, India ranked 11th among the largest economies, while the UK was 5th.
The change in the rankings comes at a time when the UK is soon to get its new Prime Minister. The slip in the UK’s ranking is reportedly due to the soaring cost of living in the country.
It may be mentioned that last month, the country witnessed double-digit consumer price inflation for the first time since 1982.
The drop in rank sets off to further intensify the challenges for the successor of former Prime Minister Boris Johnson.
According to the Bank of England, the risks of a recession may last up until 2024.
On the other hand, the Indian economy is expected to grow by more than 7% this year. Indian stocks sharply rebounded to secure the second spot in Morgan Stanley Capital International’s emerging markets index, second only to China
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