The economy of India has been prosperous in recent years. The Indian economy now ranks fifth in the world ahead of Britain’s. Britain has dropped to sixth place from fifth. Due to the rising cost of living, the UK is currently experiencing hardship. Its drop to sixth place in such a scenario represents a significant setback for the local government. In the latter three months of 2021, India, formerly a British colony, passed Britain to become the fifth-largest economy in the world.
The US dollar is used as the base currency for the calculation. In addition, based on GDP estimates, India’s growth in the first quarter was reinforced, according to data from the International Monetary Fund (IMF).
Britain suffers a big blow
The new government in Britain will suffer greatly as a result of the economic decline there. There will soon be a vote among Conservative Party members to choose the Prime Minister of Britain. In such a scenario, the next government’s primary obstacles will be inflation and a weak economy. The Indian economy, however, is predicted to grow at a rate of over 7% this year.
Despite challenges, it moves fast
If we compare the economies of India and Britain in terms of dollars, India’s economy was $ 854.7 billion in the March quarter, according to IMF figures. The UK economy was worth $816 billion at the time. The data indicate that, despite the effects of recession and inflation, which are causing economic problems worldwide, the Indian economy is nevertheless growing quickly.
Growth of the Indian economy
As of the end of the fiscal year 2021–22 (Q4FY22), India’s Gross Domestic Product (GDP) increased by 4.1 percent. In terms of the entire fiscal year, 2021–2022, the GDP increased by 8.7 percent. The National Statistical Office (NSO) reports that the Indian economy expanded by 13.5% in the three months ending in June 2022.