India has become the world’s fifth-largest economy, overtaking the United Kingdom in end-March 2022, according to a Bloomberg report released on 3rd September. The conclusion was based on IMF database and exchange rates. This is the second time India has beaten the UK in terms of economy, with the first one being in 2019.
As per the report, the size of the Indian economy with regards to ‘nominal’ cash was $854.7 billion during the quarter through March. On the contrary, the same for the UK was $814 billion. This was calculated on an adjusted basis and using the dollar exchange rate on the last day of the relevant quarter.
The calculation is based on US dollars, with India further extending its lead in the first quarter of the current financial year, according to GDP figures from the International Monetary Fund (IMF).