India overtakes UK to become world's fifth largest economy

India overtook Britain to become the world's fifth-largest economy.

India overtook the UK in the final three months of 2021 to become the fifth-biggest economy, just behind the US, China, Japan, and Germany.

The calculation is based on US dollars, and India extended its lead in the first quarter, according to GDP figures from the International Monetary Fund (IMF).

The size of the Indian economy in "nominal" cash terms grew to $854.7 billion, while that of the UK was $816 billion, The Hindustan Times stated.

While the UK is facing inflation that would further affect the country’s economy, the forecast for India is a growth of more than 7 percent this year. The calculations were done using the IMF database and historic exchange rates on the Bloomberg terminal.

Forecasts by IMF also show India overtaking the UK in dollar terms on an annual basis this year.

A decade ago, India ranked 11th among the largest economies, while the UK was 5th.

According to 2021 reports, nominal GDP in US dollars was $3.19 trillion for the UK while India was close to it with a $3.17 trillion GDP.