New Delhi: Britain has slipped behind India according to Bloomberg, further struggling with a sadistic cost-of-living blow. In the last three months, the Indian economy overturned the UK from its place, emerging as the world’s fifth-largest economy.
As per the GDP figures of the International Monetary Fund, the latest calculation is based on US dollars.
The report said that India’s nominal GDP on the last day of the March quarter was recorded $854.70 billion, while Britain’s dollar exchange rate at the time was $816 billion.
Britain’s fresh decline in its economic ranking is sure to be an unwelcoming ground for the yet-to-be-announced prime minister as Conservative Party members will choose their UK chief on Monday amongst former Chancellor Rishi Sunak and Foreign Secretary Liz Truss.
While the Indian economy is sticking out to grow at least 7 per cent in the current year, the UK strives with its economy amid skyrocketing energy prices and inflation.
In the MSCI Emerging Markets Index, a bounce in Indian stocks for this quarter forecast its weighting jump to the second rank, now only trailing behind China.
The global Monetary Fund had previously projected India taking over UK in 2022, putting it only behind the US, China, Japan and Germany.