New Delhi, Dec 19: India has achieved one more credit to its onward march to become a global super nation. This time it has taken over the country that had enslaved this great nation for centuries, in terms of the size of the economy. And this has happened after nearly one and half century!
According to reports, this was possible by the rapid growth India has registered on the economic front in the past 25 years. The down sliding of Britain’s pound during the last one year also made it easy for India to score over the United Kingdom, said a report published in the Forbes Magazine.
The report said, “Once expected to overtake the UK GDP in 2020, the surpass has been accelerated by the nearly 20 percent decline in the value of the pound over the last 12 months, consequently the UK’s 2016 GDP of GBP 1.87 trillion converts to $2.29 trillion at exchange rate of GBP 0.81 per $1, whereas India’s GDP of INR 153 trillion converts to $2.30 trillion at exchange rate of INR 66.6 per $1.”
This progress has been forecast by the Centre for Economics and Business Research (CEBR) in December 2011. It said that India would become the “fifth largest by 2020”. But the country has achieved this target much earlier.
The Forbes Magazine report further said, “Furthermore, this gap is expected to widen as India grows at 6 to 8 percent p.a. compared to the UK’s growth of 1 to 2 percent p.a. until 2020, and likely beyond. Even if the currencies fluctuate that modify these figures to rough equality, the verdict is clear that India’s economy has surpassed that of the UK based on future growth prospects.”
Union Minister of State for Home Affairs Kiren Rijiju while celebrating India’s landmark achievement, said, “India overtakes the UK & becomes 5th largest GDP after USA, China, Japan & Germany.”