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India is now the world\u2019s fifth-largest economy after surpassing the U.K., the latest data from the International Monetary Fund (IMF) shows. India\u2019s former chief economic advisor expects the country to become the world\u2019s third-largest economy by 2028-30. India has leaped past the U.K. and become the fifth-biggest economy, Bloomberg reported Friday, citing IMF\u2019s 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.<\/p>\n \u201cOn an adjusted basis and using the dollar exchange rate on the last day of the relevant quarter, the size of the Indian economy in \u2018nominal\u2019 cash terms in the quarter through March was $854.7 billion. On the same basis, the U.K. was $816 billion,\u201d the publication explained.<\/p>\n Many people in India welcome the news of the Indian economy overtaking the British economy. Indian parliament member Kartik Sharma tweeted: \u201cIndia emerges as the world\u2019s 5th largest economy, overturning the U.K. from its position. Under Hon\u2019ble PM Narendra Modi Ji\u2019s development-oriented leadership, we\u2019ve made India the 5th largest economy in the world.\u201d<\/p>\n Dr. Arvind Virmani, a former chief economic advisor to the government of India, expects India to become the world\u2019s third-largest economy this decade, based on current figures. Virmani was appointed India\u2019s representative to the IMF in 2009. Commenting on the news, he told ANI news agency:<\/p>\n 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.<\/p>\n<\/blockquote>\n The IMF\u2019s 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.\u2019s $3.38 trillion.<\/p>\n 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. \u201cProud moment for India to pip the U.K., our colonial ruler, as the 5th largest economy,\u201d he wrote, adding that \u201ca 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.\u201d<\/p>\n
<\/strong><\/p>\nIndia Becomes 5th Largest Economy in the World<\/h2>\n
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