[ad_1]
Mahindra Group chairman Anand Mahindra took to Twitter to share his views on how the world will look upto India as the country goes on its path to become one of the largest economies in the world.India is one of the fastest growing major economies and is currently ranked as the world’s fifth largest economy
Anand Mahindra while sharing a video from the IFC group wrote,” Surpassing the UK & becoming the world’s 5th largest economy has thrust India in the centre of the radar screen of global investors. I can only imagine how that attention will multiply when we become the 3rd largest economy—which isn’t too far away…”
India has become the fifth largest economy in the world, beating the UK, a report has said. The country has become the fifth biggest economy during the last three months of 2021, pushing the United Kingdom to the sixth spot, with the country grappling with a harsh shock of high cost of living. This is the second time India has beaten the UK in terms of economy, with the first one being in 2019.
The Indian economy is forecast to grow more than 7% 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.
On an adjusted basis and using the dollar exchange rate on the last day of the relevant quarter, the size of the Indian economy in “nominal” cash terms in the quarter through March was $854.7 billion. On the same basis, UK was $816 billion.
The calculations were done using the IMF database and historic exchange rates on the Bloomberg terminal.
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.
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.
*With inputs from agencies
Download The Mint News App to get Daily Market Updates & Live Business News.
[ad_2]
Source link
John Miller has been writing about science, gaming, and tech culture for over a decade. He’s a top-rated reviewer with extensive experience helping people find the best deals on tech and more.
