New Delhi: India has surpassed the UK to take over as the fifth-largest economy in the world. In the latter three months of 2021, the nation overtook the United Kingdom as the fifth-largest economy, moving it to sixth place. India has now defeated the UK twice in terms of economics; the first time was in 2019.
According to a Bloomberg article, the Indian economy had ‘nominal’ cash of $854.7 billion in the quarter ending in March. On the other hand, the UK’s equivalent was $814 billion. Using a modified formula and the dollar exchange rate on the last day of the pertinent quarter, this was determined.
This calculation is based on US dollars, with India further extending its lead in the first quarter of the current financial year, according to GDP figures from the International Monetary Fund.