India becomes 5th largest economy. India’s GDP has risen to the fifth-largest in the world once more. To move up one spot, Britain is now in sixth place. In the latter three months of 2021, India passed Britain, according to the International Monetary Fund (IMF). Even in the fiscal year 2022–2023, India keeps its GDP growth rates up. The economy of India was worth $ 854.7 billion.
The UK economy was worth $816 billion at the time. As prices rose for necessities, Britain’s GDP dropped from fifth to fifth-largest. The Indian economy, on the other hand, is expanding gradually. India was rated 11th among the world’s major economies ten years ago, while the UK was placed fifth.
In fact, the UK is currently experiencing its worst inflation and highest recession risk in four decades. This condition, according to the Bank of England, will last until 2024. The Indian economy, on the other hand, is anticipated to expand at a 7% rate this year.
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Political instability in Britain:
The decline in Britain’s standing coincides with a period of political unrest and the process through which the ruling party is choosing a new prime leader. The future prime minister will not like the decline in Britain’s standings on the global stage.
On Monday, the Conservative Party will elect Boris Johnson’s replacement. There are rumours that former Chancellor Rishi Sunak is not ahead of Foreign Secretary Liz Truss.
Britain had slipped before:
In terms of nominal GDP, India, according to the IMF, moved up to the fifth-largest economy ($2.9 trillion) in 2019. Britain ($2.8 trillion) was now ranked sixth. India, though, slipped behind once again.
India just passed China to take up the second spot in the MSME Emerging Markets Index.
World’s 5 biggest economies:
| Country 1. America | Economy 25350 Billion Doller |
| 2. China | 19910 Billion Doller |
| 3. Japan | 4910 Billion Doller |
| 4. Germany | 4260 Billion Doller |
| 5. India | 855 Billion Doller |
