India’s economy is now in the top five, surpasses UK!
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India is now the fifth largest economy in the world as per experts. India’s economy surpasses the United Kingdom’s economy in terms of size.
As per expert projections within the next few years, there will likely be a significant gap existing between India and the UK’s economy.
Prime Minister Narendra Modi aspires to transform the nation into a “developed” by 2047. The year marks the 100th anniversary of India’s independence.
What is an cconomy?
An economy is a system of activities, like production and consumption of goods and services.
This conclusion is made in consultation with the International Monetary Fund (IMF) database and looking at historic exchange rates.
The size of the Indian economy is nearly $850 billion whereas the value of the UK market is nearly $800 billion.
Key Facts!
- India’s GDP (2021) stood at nearly 3 trillion dollars and UK’s GDP was nearly the same.
- However, India’s population is twenty times greater than that of the UK.
- The main point is that the although the economic output of the British people was almost the same as that of 1.4 billion Indians.
- So, it’s true that India’s economy was bigger than the UK’s.
- However, an average Indian’s productivity or income is still a lot less than that of an average Brit.
- India could reach the same levels as the United Kingdom in regard to the Human Development Index (HDI) in a decade.
- HDI or standard of living is an essential component in a nation’s progress toward becoming more prosperous.
- In addition, the Indian economy needs to travel a significant distance around the Universal Health Coverage (UHC) Index.
- The UHC includes services like reproductive, maternal, newborn, and child health amongst others.
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