India overtakes Britain to become world’s fifth largest economy
The Indian economy, which seems to be getting derailed in the Corona era, has made a strong comeback. According to reports, India has overtaken Britain to become the world’s 5th largest economy. Now only America, China, Japan and Germany are ahead of India. Lagging behind India is being seen as a big setback for Britain. Britain is going through many troubles these days, which include inflation, low growth and political instability. At the same time, India has been one of the fastest growing large economies of the world for a long time.
‘India will achieve more than 7 percent growth rate’
Recently, Finance Secretary TV Somanathan had said that the Indian economy is moving towards achieving a growth rate of more than 7 percent in the current financial year. Commenting on the first quarter gross domestic product (GDP) growth data, he said the economy is up 4 per cent from pre-pandemic levels. He allayed concerns of increasing imports putting pressure on the fiscal position, saying the government is confident of keeping the fiscal deficit at 6.4 per cent of GDP in the current fiscal.
GDP grew at the rate of 13.5 percent in the first quarter
The country’s GDP stood at 13.5 percent in the first quarter (April-June) of the current financial year due to the better performance of the agriculture and services sector. With this growth, India remains the fastest growing large economy in the world. China’s growth rate in the April-June quarter of 2022 has been 0.4 percent. According to the data released on Wednesday by the National Statistics Office, the GDP growth rate in the April-June quarter of the previous financial year (2021-22) was 20.1 percent. The GDP growth rate was 8.4 percent in the July-September quarter of 2021, 5.4 percent in October-December and 4.1 percent in January-March 2022.
