India becomes the fifth largest economy in the world
In the midst of the economic crisis, India has faced the challenges better. On the other hand, Britain is bearing the brunt of its slowness. These figures are given in dollars, and it is worth noting that the Indian rupee has outperformed the UK pound against the dollar.
According to the report, the size of the Indian economy with respect to 'nominal' cash stood at $854.7 billion in the March quarter, while the size of the UK economy stood at $814 billion in the same period, the time period during which it was calculated. India's currency was in a strong position against the pound in the quarter.
On the other hand, the Indian economy is registering a growth of 7 per cent, while the UK economy is growing at less than 1 per cent. Due to these reasons, India grew rapidly but Britain could not perform like India and fell behind India in sixth place.
Significantly, India has also performed well in the agriculture and services sector. In the first quarter (April-June) of the current financial year, the country's GDP has been 13.5 percent. At the same time, comparing it with the April- June quarter of the last financial year (2021-22), the GDP growth rate at that time was 20.1 percent.
