India has overtaken the United Kingdom as the world’s fifth largest economy, according to GDP data from the International Monetary Fund.
According to the calculation, in US dollar terms, India overtook the UK in the last three months of 2021 and extended its lead in the first quarter.
FILE: A man talking on the phone walks past a Xiaomi store in Kolkata, India, on August 5, 2022. (Debarchan Chatterjee/NurPhoto via Getty Images/Getty Images)
The Indiana business magnate and chairman of the Mahindra Group applauded the news, saying it would have “filled the hearts” of every Indian who fought to win independence from their former colonial masters.
“The law of karma is at work,” Mahindra wrote on Friday. “News that would have filled the hearts of every Indian who fought hard and sacrificed much for freedom. And a silent but powerful answer to those who thought India would descend into chaos. An hour of silent reflection, gratitude.”
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Nirmala Sitharaman, Minister of Finance and Corporate Affairs, noted that a decade ago, India was ranked 11th among the largest economies, while the United Kingdom was 5th.
The news came shortly after the country celebrated its 75th anniversary of independence from the United Kingdom, which it achieved after nearly 100 years of direct rule.
Meanwhile, the UK’s relegation to sixth place comes at a tumultuous time for the country, both economically and politically.
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The government has been unable to cope with rising inflation, labor disputes and pressures on the country’s health care system since early July, when Prime Minister Boris Johnson announced his intention to step down and sparked a contest to choose his successor. The ruling Conservative Party will announce the winner on Monday.
The Associated Press contributed to this report.
