India overtakes UK to become fifth largest economy in the world

India has surpassed the United Kingdom to become the fifth largest economy in the world, Bloomberg reported on Friday. India overtook the UK in the final three months of 2021 to become the fifth-largest economy, pushing the UK to the sixth spot for the second time after it had done the same in 2019.  
 
According to the report, the size of the Indian economy in 'nominal' cash terms in the quarter through March was $854.7 billion while the UK was $816 billion. This was an adjusted basis and using the dollar exchange rate on the last day of the relevant quarter. 
 
The report comes just two days after the government put out the GDP data for the first quarter according to which the Indian economy grew at 13.5 per cent year-on-year. While this number was little lower than what the RBI had forecast, the growth rate was still highest among the developing countries. India is projected to grow at about 7 per cent this fiscal.