India pips UK to become fifth largest GDP
New Delhi : For the first time in 150 years, India has surpassed its colonial masters to become the fifth largest GDP in the world.
This dramatic shift has been driven by India's rapid economic growth over the past 25 years as well downslide in the value of the pound over the last 12 months. The recent Brexit has added woes to the UK’s downfall.
According to the Forbes report , Once expected to overtake the UK GDP in 2020, the surpasso has been accelerated by the nearly 20 per cent decline in the value of the pound over the last 12 months, consequently 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.
Taking the social media, Union Minister of State for Home Affairs Kiren Rijiju said, "India overtakes UK & becomes 5th largest GDP after USA, China, Japan & Germany."
He also said, India has a large population but it’s a big leap.
Earlier, the IMF had also predicted that India will pip the Europeans in next few months.