India: World's fifth largest economy

India has overtaken UK in terms of GDP to emerge as the fifth largest economy in the world by the end of 2016, the same year when it overtook China to emerge as the world’s fastest growing major economy. Interestingly, India has achieved this feat well before 2020, the year that was projected (for India to overtake UK) by the economic think-tank Centre for Economics and Business Research (CEBR) in 2011. India’s GDP by the end of 2016 reached US$ 2.3 trillion while UK’s GDP was projected at US$ 2.29 trillion. This has been made possible due to India’s rapid growth in recent years and the issues being faced by the UK post-Brexit. 

In addition, India’s growth rate at 6-8% per annum till 2020 is much higher than UK’s projected growth rate of 1-2%, which means this gap is only expected to widen further in the coming years. 

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.