India surpasses UK to become 5th largest economy

India overtook the United Kingdom to become the 5th largest economy in the world.

In a significant development, India has surpassed the United Kingdom to become the fifth-largest economy globally, as per a report by Bloomberg. The country had outpaced England during the preceding three months of 2021 and was concluded as the fifth-largest economy.

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 mark 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 update came two days after the government shared the GDP data for the first quarter. As per reports, the Indian economy is growing at 13.5 per cent year-on-year. While this number was less than what the RBI had estimated, the rate is said to be the highest amongst developing countries.

India is projected to grow at around 7 per cent this fiscal year.