India has once again become the fifth largest economy of the world, crossing Britain, which has slipped to the sixth position now. As per the International Monetary Fund (IMF), India crossed Britain in the last three months of the year 2021 and the expansion of the Indian economy continues in the form of its GDP numbers, in the financial year of 2022-23. India’s economy stood at $854.7 billion, while Britain’s was $816 billion.
Britain lost its position because of the goods of daily use being expensive, on the other hand, the Indian economy is expanding continuously. A decade earlier, India was at the eleventh position among the largest economies of the world and Britain was at the fifth position.
It is worth noting that Britain is facing the dangers of the sharpest inflation and recession of four decades. As per the estimates of the Bank of England, this situation will stay till 2024. On the other hand, the Indian economy is estimated to expand at a rate of 7% this year.
Recently, India also crossed China to bag the second spot in the MMCI Emerging Markets Index.
It is expected that by 2026, India will become an economy worth $5 lakh crores.
The largest economy in the world is that of the USA, at $25, 350 billion, followed by China with $19, 910 billion, Japan at $4, 910 billion, Germany ($ 4, 260 billion), India ($ 854.7 billion) and Britain with $ 816 billion.
As per the IMF, in 2019 as well, India had reached the fifth spot in the nominal GDP rankings with $2.9 lakh crore and Britain had fallen to the sixth spot with $2.8 lakh crore. Nevertheless, India had fallen again.