India has overtaken Britain to rank 5th in terms of economic growth. India has been ranked as the 5th largest economy in the world as per the last three months of 2021.
Based on the overall economic growth index (GDP), Bloomberg has predicted that India has moved up to the 5th position. India has moved up to the 5th position from 11th position 10 years ago.
The International Fund has reported that India, known as the powerhouse of Asia, is the 5th largest economy in terms of economic growth in dollar terms on an annual basis, after the United States, China, Japan and Germany.
Such an economic downturn is expected to be a major challenge for the new prime minister in the context of a change in leadership in Britain. Britain is facing its highest rate of inflation in 40 years. Apart from that, the country’s economists have predicted that the current economic recession will continue till 2024.
Current Year Status: Meanwhile, the international rating agency Moody’s has predicted that India’s economic growth will fall to 7.7 percent this year. According to the current assessment, India’s economic growth this year will be lower than previously predicted due to rising interest rates, uneven climate and slowdown in international growth. Accordingly, it has been revealed that the growth of India’s GDP, which was earlier predicted to be 8.8 percent, will now decrease by 1 percent to only 7.7 percent.