New Delhi. After three years, India has once again become the fifth largest economy in the world. India has achieved this position by overtaking Britain. It has slipped one place to sixth place amid ongoing political instability and economic turmoil in Britain. The biggest reason for the weakening of its economy is rising inflation. There are now four countries above India, in which America is at number one, China is at number two and then Japan and Germany. Significantly, in 2019, India had become the fifth largest economy with $ 2.9 trillion, but later it again lagged behind Britain.
According to the International Monetary Fund, IMF, India overtook Britain in the last three months of 2021. India is maintaining this growth in GDP figures in the financial year 2022-23 as well. India’s economy was $ 854.7 billion or $ 3.5 trillion. Keep in mind that BJP leaders have been talking about making India’s economy five trillion dollars for many years. However, during the same period, the UK economy stood at $ 816 billion, or $ 3.2 trillion.
A decade ago, India was ranked 11th among the largest economies, while Britain was at fifth. In fact, the UK is currently facing its steepest inflation and recession risk in four decades. The Bank of England has predicted that this situation will last until 2024. On the other hand, the Indian economy is projected to grow at the rate of six and a half to seven per cent this year.
Britain is currently going through a period of political instability and the ruling party has voted for a new prime minister two days ago. Britain’s fall in the international ranking of the economy will make it difficult for the new prime minister. Members of the Conservative Party have voted to choose a successor to Boris Johnson. There are speculations that Foreign Secretary Liz Truss is ahead of former Chancellor Rishi Sunak.
