India surpasses United Kingdom to become world's fifth-largest economy, as per IMF figures

In the last three months of 2021, India surpassed the United Kingdom to become the world's fifth-largest economy. India increased its lead in the first quarter, according to the IMF's figures calculated on the basis of US dollars. The size of the Indian economy in "normal" cash terms for the three months ending in March was USD 845.7 billion, on an adjusted basis and using the dollar exchange rate on the last day of the relevant quarter. According to the IMF report, the UK had a market value of USD 816 billion. 

Just days ago, the Indian government had said that it is expecting the economy to grow at 7-7.5 per cent in 2022-23, in line with its projections made at the beginning of this financial year. Finance Secretary T V Somanathan had remarked, "I am not going to make a prediction more accurate than the RBI...But I am saying that today's figure in no way is throwing us off course or what was expected and what we continue to expect. It is fully consistent with that expectation of somewhere in the region of 7-7.5 per cent real GDP growth. It is fully consistent with that." 

India sees GDP growth of 13.5% in Q1 FY2023

India's gross domestic product (GDP) growth rate was 13.5% year-on-year compares to a 20.1 per cent expansion a year back and 4.09 per cent growth in the previous three months to March, official data released on Wednesday showed. It is the sharpest growth witnessed in India's economy in a year.

India's real GDP in Q1 2022-23 is estimated to reach Rs 36.85 lakh crore in comparison to Rs 32.46 crore in Q1 2021-22, according to the data released by the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation. The nominal GDP at current prices in Q1 2022-2023 is estimated at Rs 64.95 lakh crore in comparison to 32.4% in Q1 2021-2022. The GDP was 20.1% in the first quarter of 2021-22. 

(With agency inputs)

Image: AP/PTI