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
COMMENTS
TOPMOST STORY NOW
Live 12 Bangladeshi Nationals Including 4 Children and Women Detained in Tripura
22nd November 2024
Live Meghalaya Minister Rakkam A. Sangma Doubts Congress’ Political Revival in State
22nd November 2024
Live Manipur: Bodies of 6 Killed in Jiribam Handed Over to Their Families
22nd November 2024
Live 5 Bangladeshi nationals arrested in Meghalaya
22nd November 2024
WE RECOMMEND
India has stayed away from ideas of expansionism, resource-capturing: PM tells Guyana Parliament
PM Modi said the relations betwen India and Guyana are very deep and it is a relation of soil, sweat, diligence.
22nd November 2024
India to establish ‘Jan Aushadhi Kendras’ in Guyana; increase defence, energy cooperation, announces PM Modi
PM Modi also termed his visit 'the first by an Indian PM to Guyana' as a "significant milestone" for the ties between the two countries.
21st November 2024
CBSE X and XII exams 2025 to begin from February 15; datesheet out
The chemistry exam is scheduled to take place on February 27, 2025, and the Business studies exam will take place on February 22.
21st November 2024
Punjab Police Arrests 2 Assam Men in ‘Digital Arrest’ Cyber Fraud Case
IP logs from WhatsApp and Skype indicated that the fraudulent calls originated from locations in Cambodia and Hong Kong.
19th November 2024
India’s First Hydrogen Train to Roll Out Next Month, Details on route, facilities, speed and more…
This pilot project is just the beginning. Indian Railways plans to deploy up to 35 hydrogen-powered trains across the country
19th November 2024