India overtakes the UK to become fifth-largest economy in the world !

New Delhi – After the USA, China, Japan, and Germany, India has become the fifth-largest economy in the world. India has reached this stage by overtaking Britain. Britain is presently going through many problems; including inflation and political instability. With the good performance in the agriculture and services industry during the first quarter of the current financial year (April – June), the Gross Domestic Product (GDP) growth expanded to 13.5 %. With this growth, India has turned out to be the fastest-growing economy in the world. China’s GDP growth was 0.4% during this quarter. Finance Secretary Somanathan had also stated that the Indian economy was moving towards achieving more than 7% growth in the current fiscal year.

As per the statistics released by the International Monetary Fund, India has become the fifth-largest economy in the world at $2.9 trillion. At the same time, Britain’s economy has slipped to the sixth position at $2.8 trillion.