New Delhi, Sep 4 (Agency) Growing at the fastest pace among major economies, India has leaped past the UK to become the fifth largest economy in the world. As per a report by an international news agency, India achieved the feat in the final three months of 2021. “The calculation is based in US dollars, and India extended its lead in the first quarter,” it said citing GDP figures from the International Monetary Fund (IMF). The report stated that 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, the UK economy was $816 billion.
“The IMF’s own forecasts show India overtaking the UK in $ terms on an annual basis this year, putting the Asian powerhouse behind just the US, China, Japan and Germany. A decade ago, India ranked 11th among the largest economies, while the UK was 5th,” it said. Responding to the report, Kotak Mahindra Bank CEO Uday Kotak said that it was a proud moment for India to pip the UK, the colonial ruler, as the fifth largest economy. He, however, compared the population of the two countries to suggest that India has to go miles in terms of per capita income. “Proud moment for India to pip UK, our colonial ruler, as the 5th largest economy: India $3.5trn vs UK $3.2trn. But a reality check of population denominator: India: 1.4 bn vs UK.068 bn. Hence, per capita GDP we at $2,500 vs $47,000. We have miles to go…Let’s be at it!” he tweeted.