India has proved its superiority among the 5 largest economies of the world by surpassing Great Britain. In a tweet, Finance Minister Nirmala Sitharaman said India jumped from 11th to fifth place this year, overtaking Great Britain on an annual basis, according to International Monetary Fund estimates. Due to this, India is now behind the US, China, Japan and Germany.
According to the calculation, based on US dollars, India overtook the U.K. in the final three months of 2021 and extended its lead into the first quarter.
World GDP As A Whole:
Gross domestic product (GDP) is an estimate of the total value of finished goods and services produced within a country’s borders during a specified period, usually a year. GDP is popularly used to estimate the size of a country’s economy.
What the report says ?
Bloomberg's report on international exchange statistics and exchange rate statistics.
By the end of March 2022, India has overtaken the UK economy.
According to the newly released data India's economy has reached 851.7 billion dollars.
Britain's economy has collapsed by around $816 billion.
These figures are based on International Monetary Fund and exchange rates.
What are the indices say?
Britain had more poverty than India in the early 19th century.
Currently, the poverty rate in India is higher than that of Britain.
Human Development Index is calculated based on criteria such as health, education and standard of living.
India still lags far behind Britain in Human Development Index.
India is behind Britain in health index.
According to the International Monetary Fund, these are the highest ranking countries in the world (GDP) :-
United States (22.49 trillion)
China 16.4 trillion)
Japan (5.27 trillion)
Germany (4.30 trillion)
India (3.21 trillion GDP)
United Kingdom (3.2 trillion GDP)
France (2.78 trillion GDP)
Italy (2.07 trillion GDP)
Brazil (1.87 trillion GDP)
Canada (1.71 trillion GDP)
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