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India is the fifth largest economy in the world 1179861 | The voice of time

India is the fifth largest economy in the world 1179861 | The voice of time
India is the fifth largest economy in the world 1179861 | The voice of time

India’s economy has progressed in the face of various challenges including Corona. Therefore, India is now the world’s fifth largest economy, surpassing Britain. The United Kingdom’s position has fallen to sixth place in the International Monetary Fund’s (IMF) list of GDP figures for various countries. Bloomberg confirmed this information from three months of data up to March 2022.

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According to IMF estimates, the size of the Indian economy was $854.7 billion in the March quarter. At that time the size of the UK economy was 816 billion dollars. The calculation is done using the dollar exchange rate on the last day of the quarter. At the moment, India’s position is after America, China, Japan and Germany. A decade ago, India was ranked 11th, Britain fifth. According to the IMF forecast, India’s economic growth rate may exceed 7 percent in the current fiscal year.

But despite surpassing Britain as the largest economy, India has a population of over 1.4 billion. There, the population of Britain is only 68.5 million. India has 20 times more population than Britain. Therefore, the standard of living of the citizens of Britain is much better than that of Indians, even though it has reached number 5 in the world list in terms of overall economy. Their income is also much higher than Indians. Poverty rate is also high in India.

Britain is also ahead of India in human development index. Human development includes health, education and quality of life. It will take another 10 years for India to meet the standard of human life in Britain in 1980.


The article is in Bengali

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