India has got great success on the economy front. India has now become the 5th largest economy in the world, overtaking Britain. Britain has slipped from fifth place to number six. The UK is currently going through a difficult period due to rising cost of living. In such a situation, its slipping to number six is a big setback for the government there. India, once a British colony, has overtaken Britain to become the fifth largest economy in the world in the last three months of 2021.
The calculation is done on the basis of US Dollar. Apart from this, according to the data of the International Monetary Fund (IMF), India has strengthened its growth in the first quarter on the basis of GDP figures.
Britain’s slip on the economic front will be a big blow to the new government there. Members of the Conservative Party in Britain will soon choose the Prime Minister. In such a situation, inflation and sluggish economy will be the biggest challenge for the new government. On the other hand, experts believe that the growth rate of the Indian economy can be more than 7 percent in the current financial year.
Fast paced despite challenges
If we look at the economy of India and Britain in dollars, then according to IMF data, India’s economy was $ 854.7 billion in the March quarter. At the same time, the UK economy was $ 816 billion. The data is showing that even though the economies around the world are troubled by the impact of recession and inflation, but the Indian economy is progressing at a fast pace despite all the challenges.
June quarter data
According to the official GDP data for the first quarter released this week, the Indian economy grew at an impressive rate of 13.5 per cent in the June 2022 quarter. All the estimates were also expecting a similar figure from India. US GDP declined by 0.6 per cent during the June quarter. Earlier in the March quarter, the size of the US economy was reduced by 1.6 per cent.