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India overtakes U.K. to become fifth largest economy in the world

Published on September 04, 2022
Current Context: India has become the world’s fifth-largest economy after overtaking the UK.
India overtakes U.K. to become fifth largest economy in the world
  • 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
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