Fun

India Surpasses UK as World’s 5th Largest Economy Based on IMF Data

News Feed - 2022-09-04 02:09:29

India Surpasses UK as World"s 5th Largest Economy Based on IMF Data


India is now the world’s fifth-largest economy after surpassing the U.K., the latest data from the International Monetary Fund (IMF) shows. India’s former chief economic advisor expects the country to become the world’s third-largest economy by 2028-30. India Becomes 5th Largest Economy in the World


India has leaped past the U.K. and become the fifth-biggest economy, Bloomberg reported Friday, citing IMF’s GDP data and historic exchange rates. According to this estimation, the former British colony surpassed the U.K. in the last quarter of 2021 and is now behind only the U.S., China, Japan, and Germany in terms of the size of its economy. A decade ago India was the 11th largest.


“On an adjusted basis and using the dollar exchange rate on the last day of the relevant quarter, the size of the Indian economy in ‘nominal’ cash terms in the quarter through March was $854.7 billion. On the same basis, the U.K. was $816 billion,” the publication explained.


Many people in India welcome the news of the Indian economy overtaking the British economy. Indian parliament member Kartik Sharma tweeted: “India emerges as the world’s 5th largest economy, overturning the U.K. from its position. Under Hon’ble PM Narendra Modi Ji’s development-oriented leadership, we’ve made India the 5th largest economy in the world.”



Dr. Arvind Virmani, a former chief economic advisor to the government of India, expects India to become the world’s third-largest economy this decade, based on current figures. Virmani was appointed India’s representative to the IMF in 2009. Commenting on the news, he told ANI news agency: Last year we were 6th by about 40 billion & it was expected to happen in 2022. India is moving up the power scale & by value of forecast we will become 3rd largest by 2028-30.


The IMF’s World Economic Outlook database shows India overtaking the U.K. in dollar terms on an annual basis this year with a GDP of $3.53 trillion compared to the U.K.’s $3.38 trillion.


Kotak Mahindra Bank CEO Uday Kotak, however, tweeted explaining that India has a population 20 times that of the U.K. so its GDP per capita is lower. “Proud moment for India to pip the U.K., our colonial ruler, as the 5th largest economy,” he wrote, adding that “a reality check of population denominator: India: 1.4 billion vs U.K. 0.068 billion. Hence, per capita GDP we at $2,500 vs $47,000. We have miles to go.”



According to government data, India’s economy grew by 13.5% in the second quarter of this fiscal year — the fastest in the last four quarters, according to the country’s National Statistical Office (NSO). Meanwhile, U.K. GDP grew just 1% in cash terms in the second quarter but shrank 0.1% after adjusting for inflation. Sterling has also underperformed the U.S. dollar relative to the rupee, with the pound falling 8% against the Indian rupee this year.


Last month, Morgan Stanley said India could emerge as Asia’s strongest economy in 2022-23. The global investment bank expects India’s growth to average 7% for 2022-2023 “The economy is set for its best run in over a decade as pent-up demand is being unleashed,” the brokerage firm said. “Lower corporate taxes, the production-linked incentive (PLI) scheme and India as a potential beneficiary of supply chain diversification will catalyze and sustain domestic demand, especially in investment.” Tags in this story India, india fifth largest economy, India overtakes UK, India surpasses UK, indian economy, uk, world"s fifth largest economy


What do you think about India surpassing the U.K. as the world’s fifth largest economy? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Deloitte: Nearly 50% of CFOs Surveyed Expect Recession to Hit US Economy This Year ECONOMICS | 6 hours ago Gold and Silver Markets Shudder, Analysts Say Firm Dollar and Rate Hikes May Drag Precious Metal Markets Lower ECONOMICS | 3 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleIndonesian Government to Launch Crypto Bourse This Year, Official Says Next articleSouth Korean Government’s Youtube Channel Hacked to Play Crypto Video With Elon Musk Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItOman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework


Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)"s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.Today"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design

News Feed

Swiss Bitcoiners renew efforts to orange-pill the country’s central bank
Brayden Lindrea4 hours agoSwiss Bitcoiners renew efforts to orange-pill the country’s central bankThe Bitcoiners will first need to convince 100,000 Swiss nationals to sign the petition to kick off a referendum — a t
Wallet Provider Blockchain Ventures Takes Stake in Gaming Platform Enjin
The venture arm of cryptocurrency wallet, data and exchange provider Blockchain has taken a stake in blockchain game technology firm Enjin. Blockchain Ventures said on Tuesday th
Investment Fund Focused on Crypto Mining to Be Created in Russia
Investment Fund Focused on Crypto Mining to Be Created in Russia The establishment of Russia’s first mutual investment fund dedicated to financing cryptocurrency mining operation
Celsius Stories Littered With ‘People Familiar With the Matter’ Sources, Report Claims Lender Struggles With Arguments Over Bankruptcy
Celsius Stories Littered With "People Familiar With the Matter" Sources, Report Claims Lender Struggles With Arguments Over Bankruptcy The embattled crypto lending platform Celsius
Buy Bitcoin Now? Not Yet—Analyst Says Time Holds The Key
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Report: Zambian Currency Poised for First Quarterly Decline Since 2020
Report: Zambian Currency Poised for First Quarterly Decline Since 2020 The Zambian kwacha, one of the best-performing currencies in 2022, is now expected to see its first quarterly
$8.2 Million Worth of NFT-Based Artwork Sold in the Last Month of 2020 as ETH Prices Rally
$8.2 Million Worth of NFT-Based Artwork Sold in the Last Month of 2020 as ETH Prices Rally The non-fungible token-based artwork market witnessed a profitable end
14- and 9-Year-Old Brother and Sister Duo Rake in $30K a Month Mining Crypto With Renewable Energy
14- and 9-Year-Old Brother and Sister Duo Rake in $30K a Month Mining Crypto With Renewable Energy The beauty behind cryptocurrency networks like Bitcoin is the fact that anyone ca
Telegram Mini Apps are ‘Trojan horse’ for mass blockchain adoption — TON investments director
Zoltan Vardai10 hours agoTelegram Mini Apps are ‘Trojan horse’ for mass blockchain adoption — TON investments directorOnboarding the next 500 million users will require simple apps with “actual usability,” Just
Derek Andersen3 hours agoUS CFPB proposes supervising digital app providers, including crypto walletsThe proposal would affect retail transactions carried out from crypto wallets, but not crypto trading.1101 Total views5
Expert Sees Bitcoin Dipping To $50K While Bullish Momentum Persists
Este artículo también está disponible en español. After rocketing up to the highs of $108,000 in December 2024, Bitcoin now has fallen to about $96,000. This has led to r
Ideaology Announces IEO Collaboration and Subsequent Listing of IDEA Token with Bitcoin.com Exchange
Ideaology Announces IEO Collaboration and Subsequent Listing of IDEA Token with Bitcoin.com Exchange PRESS RELEASE. Ideaology, the blockchain-oriented company bu