- According to the Bloomberg report, India surpassed the UK to become the 5th largest economy in the world.
- The IMF database and historic exchange rates were taken by Bloomberg as the basis for calculation.
- India now remains just behind the US, China, Japan, and Germany.
- According to the report, the Indian economy in 'nominal' cash terms in Q4 FY22 was $854.7 billion. On the same basis, the U.K. was $816 billion.
- GDP is the value of final goods and services produced within a nation in a specified period. It counts all of the output generated within the boundary of a country.
- GNP is the value of goods and services produced by the residents of a nation in a given period.
- Example: If an Indian-owned company has a business in the US, the output of this factory would be included in U.S. GDP, but in Indian GNP.
Question:
Q.1 India has surpassed which country to become the 5th largest economy?a. UK
b. Germany
c. Japan
d. China
