India has now jumped ahead of the United Kingdom to take the slot of the 5th biggest economy in the world. Bloomberg cited IMF data reporting GDPs and exchange rates. According to the IMF report, India beat the UK to it as far back as 2021 Q4, and the country is just behind the United States, the P.R of China, Japan, and the German Federation. India was number 11 just ten years ago.

India Secures Number 5

The IMF report said that India’s economic size regarding official inflow in the first quarter of this year amounted to $854.7 billion. The UK did $816 billion in the same period.

Many Indians were ecstatic about the news of their country’s economy overtaking that of the UK. A member of the Indian parliament, Kartik Sharma took to his Twitter page to say India has emerged as the fifth economy in the world as it overtook the UK! He further appreciated the leadership of the Indian PM for the great feat.

A past economic advisor to the government, Arvind Virmani, shared his expectation of India becoming the 3rd biggest economy later this decade, as dictated by available figures. Virmani served as the Indian IMF representative in 2009.

In his statement to the press, Arvind Virmani said India was in the sixth position last year with 40 billion. He said India is rapidly moving ahead and scaling, and with the current forecasts, India will be the 3rd by 2028 or 2030.

On Its Way to Number 3

The IMF’s data reveals India blazing past the UK annually with almost $3.53 trillion in comparison with the UK earnings of $3.38 billion. 

The CEO of Kotak Mahindra bank, Uday Kotak, took to his Twitter page to explicate the case that India’s population is 20 times more than that of the UK, so India has a lower GDP per capita. According to him, India still has a long way to go.

Indian government data shows that the country’s economy increased by 13.5% in Q2 of 2022. It is the fastest growth in four quarters as reported by India’s NSO. 

The UK’s economy, on the other hand, rose by 1% in Q2, but it quickly shrank by 01% when it made adjustments in the face of inflation. The British Pound also fell by 8% to the Rupee this year.