India now boasts the fifth-largest economy in the world, surpassing the UK. Due to increased economic growth, economists and business leaders predicted that India’s situation will continue to improve in the years to come.
In the final quarter of 2021, India surpassed the United Kingdom (UK) to overtake it as the world’s fifth-largest economy, according to data from the International Monetary Fund (IMF). In terms of size in dollars, only four countries are currently ahead of India.
The only countries with economies bigger than India’s are the United States, China, Japan, and Germany. Currently, the UK is in sixth place, just after India.
“Proud moment for India to pip UK, our colonial ruler, as the 5th largest economy,” Uday Kotak, Chief Executive Officer (CEO), Kotak Mahindra Bank, said in a tweet.
“We have exceeded the UK in GDP figures in 2022. By 2027, we will be much higher than them in terms of economic performance. UK’s economy is shrinking, India’s is booming,” said Charan Singh, economist and chief executive of EGROW.
“While the world is on the brink of a recession, India is growing by 7 per cent. There is inflation of 10 per cent in the UK, 9 per cent in the United States of America while in India it 6-7 per cent, which is normal. It is a good news for all Indians before the auspicious occasion of Diwali,” Singh told ANI.
The chairman of the Mahindra Group, Anand Mahindra, tweeted his response to the news that India has overtaken the UK to become the fifth-largest economy in the world, “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.”
“Before 2014, we were in fragile five economies. It is a huge feat to become the 5th largest economy and surpass an economy like Britain from that position,” said Meenakashi Lekhi, Minister of State for External Affairs and Culture.
India’s economy has grown faster than that of the UK, although the country still has a very low per capita income. India is rated 122 out of 190 nations in terms of per capita income, which is a measure of how much money is made per person in a nation.