India now ahead of Britain

 

India has achieved a great achievement in his 75th Independence. India has become the fifth largest economy in the world by beating the global pandemic. The special thing is that India has achieved this feat by beating Britain. In the last 10 years, India has traveled from 11th rank to this point. In this sense also it is a very wonderful and a proud moment for every Indian.

Ahead of Britain

According to the report released by the International Monetary Fund (IMF), India overtook Britain in the last three months of the year 2021. This growth of India in the gross domestic product (GDP) figures also continues in the financial year 2022-23. India's economy stood at $ 854.7 billion, while the UK economy stood at $ 816 billion during the same period. In this sense, now only America, China, Japan and Germany are ahead of India.

According to the report, the UK lost the tag of being the world's 5th largest economy due to the inflation. Indeed, the UK is facing the sharpest inflation in the last four decades and an increasing risk of recession. The Bank of England has predicted that this situation will last until 2024. On the other hand, the Indian economy is expected to grow at a rate of more than 7 per cent this year.

India reached fifth spot

According to the IMF report, in the year 2019 too, India had become the 5th largest economy with nominal GDP ($ 2.9 trillion), while Britain ($ 2.8 trillion dollars) had come to the sixth place. However, India again lagged behind Britain. In fact, the news of leaving Britain behind comes at a time when India has achieved a growth rate of 13.5 percent in the first quarter of the financial year 2022-23. India remains the largest economy by achieving the fastest economic growth rate in the world.

It is noteworthy that according to IMF data, this calculation is based on the US dollar. Recently, Prime Minister Narendra Modi has set a target of making India a developed country by 2047. At the same time, Bibek Debroy, chairman of the PM's Economic Advisory Council (EAC-PM), has projected the size of the country's economy to reach 20 thousand billion US dollars by the year 2047 in his report released. Apart from this, Finance Secretary TV Somanathan says that the Indian economy is moving towards achieving a growth rate of 7 to 7.4 percent in the current financial year.


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