Economy

India surpasses UK to become world’s fifth largest economy

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Reserve Bank of India headquarter. [File Photo]

New Delhi: India overtook the United Kingdom in becoming the world’s fifth largest economy on Friday, according to a report by Bloomberg. The change in ranking has pushed the United Kingdom to the sixth spot.

The Indian economy is forecast to grow more than 7 per cent this year. On an adjusted basis and using the dollar exchange rate on the last day of the relevant quarter, the size of Indian economy in “normal” cash terms in the quarter through March was USD 845.7 billion. On the same basis, UK was USD 816 billion, according to the report.

Meanwhile, India’s Finance Minister Nirmala Sitharaman took to Twitter and said: “The IMF’s own forecasts show India overtaking the UK in $ terms on an annual basis this year, putting the Asian powerhouse behind just the US, China, Japan and Germany. A decade ago, India ranked 11th among the largest economies, while the UK was 5th.”

Addressing the media, Bharatiya Janata Party (BJP) spokesperson Sambit Patra said that India is now ahead of the ones who ruled us.

“India has taken over the UK and become the fifth largest economy in the world. Once who ruled us are now behind us in the economy. However, Congress is unable to shed its colonial mindset,” he said.

Health Minister of India Dr Mansukh Mandaviya took to Twitter and said that India is writing new pages of success.

“With the mantra of reform, perform & transform, New India is writing new pages of success and marching rapidly towards becoming an economic superpower,” he said.

Anand Mahindra also took to Twitter and said: “The law of Karma works. News that would have filled the hearts of every Indian that fought hard & sacrificed much for freedom. And a silent but strong reply to those who thought India would descend into chaos. A time for silent reflection, gratitude”.

 

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