India surpasses UK to become world’s fifth biggest economy

India has leaped past the United Kingdom to become the fifth-largest economy in the world. International Monetary Fund said, India took a lead in the final three months of 2021 to become the fifth-biggest economy. According to GDP figures from IMF, India extended its lead in the first quarter. IMF said, the Indian economy is forecast to grow more than 7 per cent this year. A world-beating rebound in Indian stocks this quarter has just seen their weighting rise to the second spot in the MSCI Emerging Markets Index, trailing only China’s.The IMF’s own forecasts show India overtaking the UK in dollar terms on an annual basis this year, putting the Asian powerhouse behind just the US, China, Japan and Germany. A decade ago, India ranked 11th among the largest economies, while the UK was 5th.
Britain has dropped behind India to become the world's sixth largest economy, delivering a further blow to the government in London as it grapples with a brutal cost-of-living shock. The UK’s decline down the international rankings is an unwelcome backdrop for the new prime minister. The UK is likely to have fallen further since. UK GDP grew just 1% in cash terms in the second quarter and, after adjusting for inflation, shrank 0.1%. Sterling has also underperformed the dollar relative to the rupee, with the pound falling 8% against the Indian currency this year.