India overtakes UK becoming 5th largest economy
India has become the world’s fifth-largest economy after it overtook the United Kingdom in end-March 2022, according to the latest calculations by Bloomberg.
While this was anticipated for a while, Bloomberg reached this conclusion by using the IMF database and historic exchange rates.
“On an adjusted basis and using the dollar exchange rate on the last day of the relevant quarter, the size of the Indian economy in ‘nominal’ cash terms in the quarter through March was $854.7 billion. On the same basis, UK was $816 billion,” stated the Bloomberg report.
According to Bloomberg’s forecast, thanks to India’s fast-growing economy, there is likely to be a huge gap between India and the UK within the next few years (see Bloomberg Graph below)