Indian Thought Latest News & Views
New Delhi. There is good news about India’s economy. India has become the 5th largest economy in the world, overtaking Britain. With this, Britain has slipped to the 6th place. A decade ago, India was ranked 11th among the largest economies, while Britain was at number five. India’s economy is slowly emerging after the Corona epidemic. The slipping to the sixth position is a big setback for the new government of Britain. Members of the Conservative Party in Britain will elect Boris Johnson’s successor on 5 September. Foreign Minister Liz Trujs is likely to leave behind Indian-origin minister Rishi Sunak in this race. It is believed that inflation and sluggish economy will be the biggest challenge in the new government.
According to a Bloomberg report, in the last three months of 2021, India overtook Britain to become the fifth largest economy in the world. This analysis is based on the US Dollar. According to the International Monetary Fund (IMF) GDP data, India has achieved its lead in the first quarter. At present, America is the largest economy in the world. It is followed by China, Japan and Germany.
Recently, India has released the official GDP figures for the first quarter of the current financial year. Statistics show that India is the fastest growing economy in the world. In the first quarter of the current financial year, the GDP growth rate was 13.5 percent, which is the highest in the last one year. At the same time, there is a possibility of a jump in India’s GDP on an annual basis as well.
For the full year, it has been reduced from 7.5% to 6.8%. Statistical adjustments have been attributed to the lower GDP forecast. However, the growth momentum is expected to pick up in the second half of the financial year.
China is not even close to India’s growth
China is not even around ahead of India’s growth. China’s growth rate for the April-June quarter has been 0.4 percent. All the estimates are telling that even on an annual basis, China may lag behind compared to India.
UK GDP of $3.19 trillion
At the same time, if we talk about Britain, then its problems may increase further in the coming times. The GDP of the UK is currently 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. Recently, the International Monetary Fund (IMF) has said that India has overtaken Britain in terms of dollar on an annual basis this year.
