India surpasses UK to become world’s fifth biggest economy

India surpassed UK to become the fifth-biggest economy globally, a Bloomberg report revealed. As per the report, India has outpaced UK in the final three months of 2021 to end up at 5th position. According to GDP figures of IMF, India has extended its lead in the first quarter itself.

The update came after the government shared the GDP data for the first quarter. The report revealed India’s 'nominal' cash terms in quarter through March was $854.7 million, while UK stood at $816 million. Indian stocks this quarter has just witnessed its rise to 2nd spot in the MSCI Emerging Markets Index, the report suggested. India is projected to grow at around 7 per cent this fiscal year.