India fifth largest economy: India overtook Britain to become the world's fifth-largest economy, reported Bloomberg. The Indian economy managed to topple the UK from its standing over the last three months of 2021.
The report stated that the size of the Indian economy in 'nominal' cash terms in the March quarter was $854.7 billion while UK's stood at $816 billion. This was on an adjusted basis, using the dollar exchange rate on the last day of the relevant quarter.
The report came just two days after the government made public the GDP data for the first quarter, which stated the Indian economy grew at a rate of 13.5 per cent on a year-on-year basis. While this number was a little lower than RBI's forecast, the growth rate was the highest among developing countries. In this fiscal, India is projected to grow at about 7 per cent.