INDIA SURPASSES UK TO BECOME WORLD'S 5TH LARGEST ECONOMY
INDIA IS NOW THE WORLD'S LARGEST 5TH ECONOMY Huge blow for Britain as it falls behind India to become the world's 6th largest economy. India emerges as the world's 5th largest economy-forecast to grow at 7% this year. Indian economy toppled the UK from its position in the last 3 months of 2021. Indian economy performs better despite pandemic recovery and fear of a global slowdown. Bloomberg: the size of the Indian economy in 'Nominal' cash terms in the quarter through march stood at $854.7 MN, while the UK was at 819 MN. The IMF too had projected that India will overtake the UK this year as it is struggling with high energy prices and rising consumer inflation. Just a decade ago, The Asian powerhouse was at the 11th position, Uk was at the 5th spot. This comes just days after Moody's projected 7.7% India growth rate for 2022. At 13.5%, India's GDP grew at its fastest in a year in the April-June quarter.