India has moved ahead of the Britain to become the world’s fifth largest economy, as per a Bloomberg report. The United Kingdom (UK) slipped to 6th place. The UK is grappling with brutal cost-of-living crisis.
Forecasts claim Indian economy is set to grow at more than 7 percent this year. According to the Hindustan Times, A world-beating rebound in domestic equity indices this quarter has just seen their weighting rise to the second spot in the MSCI Emerging Markets Index, trailing only China’s.
The update has pushed the UK to the sixth position as it had been ranked during the 2019 financial year, as per the report. As per Bloomberg’s study, the size of the economy of the country in ‘nominal’ cash terms in the quarter through March was USD 854.7 million, while the UK stood at USD 816 million.
Reports suggest the this was on an adjusted basis and on the basis of using the dollar exchange rate on the rate during the last day of the relevant quarter.
The report came just two days after the government made public the GDP data for the first quarter, which stated the Indian economy grew at a rate of 13.5 per cent on a year-on-year basis. While this number was a little lower than RBI’s forecast, the growth rate was the highest among developing countries.
