India is now the world’s fifth-largest economy after surpassing the U.K., the latest data from the International Monetary Fund (IMF) shows. India’s former chief economic advisor expects the country to become the world’s third-largest economy by 2028-30.
India Becomes 5th Largest Economy in the World
India has leaped past the U.K. and become the fifth-biggest economy, Bloomberg reported Friday, citing IMF’s GDP data and historic exchange rates. According to this estimation, India surpassed the U.K. in the last quarter of 2021 and is now behind only the U.S., China, Japan, and Germany in terms of the size of its economy. A decade ago India was the 11th largest.
Dr. Arvind Virmani, a former chief economic advisor to the government of India, expects India to become the world’s third-largest economy this decade, based on current figures. Virmani was appointed India’s representative to the IMF in 2009. Commenting on the news, he told ANI news agency:
Last year we were 6th by about 40 billion & it was expected to happen in 2022. India is moving up the power scale & by value of forecast we will become 3rd largest by 2028-30.