India has become the fifth-largest economy in the world after the UK slipped in the ranking to become the sixth-largest economy in the world. The development comes at a time when Britain is facing the worst inflation in over 40 years.
India surpassed the UK in the final three months of the world, as per a report by Bloomberg. The calculation is done in US Dollars. As per the report, while the British currency sterling underperformed against the US Dollar compared to the Rupee, Pound has slipped 8 per cent against the Indian currency this year.
Notably, India has been Britain's colony for a period of 200 years and got independence in 1947. With the new development, India is only behind the US, China, Japan, and Germany, which as ranked as the largest, second-largest, third-largest, and fourth-largest economies in the world.
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The recent development will present a tough challenge for the UK’s new Prime Minister, who will be chosen by the Conservative Party Members on September 5. The country currently is witnessing a tough battle between Foreign Secretary Liz Truss and former Chancellor of the Exchequer Rishi Sunak to be Boris Johnson’s successor. As per the reports, it is expected that Truss will defeat Sunak.
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