According to a report published in Forbes magazine, India has overtaken United Kingdom in terms of the size of the economy, first time in 150 years.
- With this major shift in world economy, India has now become the fifth largestcountry in terms of the size of the economy after the United States, China, Japan and Germany.
- The recent shift took place because of India’s continuous economic growth in the last 25 years as well as Britain’s recent economic issues after the Brexit decision over the last 12 months.
Findings of the Report:
- According to the Forbes report, India was expected to overtake UK GDP in 2020, but the almost 20% drop in the value of the pound in the last one year made it possible in 2017.
- Economic think-tank Centre for Economics and Business Research (CEBR) in December 2011, forecasted that India would become the “fifth largest by 2020”.