India overtakes UK to become fifth biggest economy in the world

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India is becoming economically stronger globally. A recent development gives further impetus to this. India has emerged as the world’s fifth-largest economy, overtaking the United Kingdom. According to a Bloomberg report, India has surpassed England as the fifth-largest economy in the last three months of 2021.

According to the report, India has pushed the UK to the sixth position, from it’s 5th rank in FY 2019. According to a Bloomberg study, the size of the country’s economy in ‘nominal’ cash terms was USD 854.7 million in the quarter to March, while the size of the UK’s economy was USD 816 million.

The development came two days after India shared data for the first quarter, which showed the Indian economy growing at 13.5 percent year-on-year. Although this number is lower than the RBI estimate, the rate is said to be the highest in developing countries.

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