India overtakes UK to become fifth largest economy in the world

[Hitman]

Britain has dropped behind India to become the world’s sixth largest economy, delivering a further blow to the government in London as it grapples with a brutal cost-of-living shock.

The former British colony leaped past the UK in the final three months of 2021 to become the fifth-biggest economy. The calculation is based in US dollars, and India extended its lead in the first quarter, according to GDP figures from the International Monetary Fund.

The UK’s decline down the international rankings is an unwelcome backdrop for the new prime minister. Conservative Party members choose Boris Johnson’s successor on Monday, with Foreign Secretary Liz Truss expected to beat former Chancellor of the Exchequer Rishi Sunak in the run-off.

The winner will take over a nation facing the fastest inflation in four decades and rising risks of a recession that the Bank of England says may last well into 2024.

By contrast, the Indian economy is forecast to grow more than 7% this year. A world-beating rebound in Indian stocks this quarter has just seen their weighting rise to the second spot in the MSCI Emerging Markets Index, trailing only China’s.

On an adjusted basis and using the dollar exchange rate on the last day of the relevant quarter, the size of the Indian economy in “nominal” cash terms in the quarter through March was $854.7 billion. On the same basis, UK was $816 billion.

The calculations were done using the IMF database and historic exchange rates on the Bloomberg terminal.

The UK is likely to have fallen further since. UK GDP grew just 1% in cash terms in the second quarter and, after adjusting for inflation, shrank 0.1%. Sterling has also underperformed the dollar relative to the rupee, with the pound falling 8% against the Indian currency this year.

The IMF’s own forecasts show India overtaking the UK in dollar terms on an annual basis this year, putting the Asian powerhouse behind just the US, China, Japan and Germany. A decade ago, India ranked 11th among the largest economies, while the UK was 5th.

https://www.bloomberg.com/news/arti...ic&utm_source=twitter&utm_content=bloomberguk

 

[Robert]

Thought we were already sixth behind France? Knocks us down to seventh.

 

[SpiritOf1903]

Indian Empire is here

 

[MenInG]

Mubarak to all Indians.

Now tell me if this effects their day to day lives.

Or does it only help the select few?

 

[Varun]

Mubarak to all Indians.

Now tell me if this effects their day to day lives.

Or does it only help the select few?

Zilch.

GDP per capita is what should be looked at. We're at a fantastic #159th position on that list.

China - another billion+ country is at #79.

So I'd advise our lot to get that figure up to double figures then talk.

 

[Technics 1210]

One thing is for certain, money is well and truly flowing towards the East, and with the new payment system (which bypass SWIFT), auch as MIR and RuPay, the West will see outflows like never before.

Here’s the kicker; the East has experienced, and continues to live in poverty; the West haven’t had a taste of mass scale poverty, yet.

All will change in the next 10 years.

If you have Pension SIPPs in UK, switch to Eastern funds - I already have.

 

[Champ_Pal]

Zilch.

GDP per capita is what should be looked at. We're at a fantastic #159th position on that list.

China - another billion+ country is at #79.

So I'd advise our lot to get that figure up to double figures then talk.

India will be a poor nation for the foreseeable future. You cannot make poor people disappear. While middle class is growing, the overall population will make sure that india will remain a 3rd world nation all through this century.

 

[NishanKonar]

Useless comparison

No point comparing GDP of a country with 10 X the population of UK

Only metric that matters is GDP per capita !

 

[NishanKonar]

India will be a poor nation for the foreseeable future. You cannot make poor people disappear. While middle class is growing, the overall population will make sure that india will remain a 3rd world nation all through this century.

India is very good at moving middle class people to upper class but very poor in moving lower class folks to middle class status. That's a big challenge and will require a manufacturing revolution !

 

[Technics 1210]

Only metric that matters is GDP per capita !

Well in that case Luxembourg, Qatar, and UAE are far more successful economies than India.

Got it.

 

[NishanKonar]

Well in that case Luxembourg, Qatar, and UAE are far more successful economies than India.

Got it.

Of course they are. Living standards of citizen in Luxemburg is far better than India. While 30% of India still live in poverty

Qatar & UAE are anomalies - oil and gas based countries , so not apple for apple comparison !

 

[Technics 1210]

Of course they are. Living standards of citizen in Luxemburg is far better than India. While 30% of India still live in poverty

Qatar & UAE are anomalies - oil and gas based countries , so not apple for apple comparison !

Living standards in Qatar, UAE, and Luxembourg are better than India.

No need to call out anomalies given you stated the only metric that matters if GDP per Capita; and if you want to talk anomalies, India is a service based economy; primarily, cheap labour.

Don’t complain about oil and gas; these are natural resources, and why wouldn’t a nation sell such resources for the betterment of its people?

 

[NishanKonar]

Living standards in Qatar, UAE, and Luxembourg are better than India.

No need to call out anomalies given you stated the only metric that matters if GDP per Capita; and if you want to talk anomalies, India is a service based economy; primarily, cheap labour.

Don’t complain about oil and gas; these are natural resources, and why wouldn’t a nation sell such resources for the betterment of its people?

Oil and gas is a lottery. Not something you can control

Services , IT , pharma sector is based on human development - for which u need to invest in education and technology. SO that's a definite positive for India . Even Pakistan has lots of cheap labour but never became services economy bcoz they never bothered to invest in education and human resource development

Basically India cannot aspire to be like Qatar & UAE. Bcoz we have no oil / gas . We should aspire to be like Japan / China / Korea which became developed largely thru their own human resource. So China is more like for like comparison - and we are far behind right now

 

[Technics 1210]

Oil and gas is a lottery. Not something you can control

Services , IT , pharma sector is based on human development - for which u need to invest in education and technology. SO that's a definite positive for India . Even Pakistan has lots of cheap labour but never became services economy bcoz they never bothered to invest in education and human resource development

Basically India cannot aspire to be like Qatar & UAE. Bcoz we have no oil / gas . We should aspire to be like Japan / China / Korea which became developed largely thru their own human resource. So China is more like for like comparison - and we are far behind right now

Luxembourg has none of the above yet do not consider its economy an anomaly. I wondering why. (Rhetorical question).

PS: Luxembourg is a tax haven; look it up.

 

[MP2011]

Zilch.

GDP per capita is what should be looked at. We're at a fantastic #159th position on that list.

China - another billion+ country is at #79.

So I'd advise our lot to get that figure up to double figures then talk.

Do you really think we can get to double digits under this regime? Think again,

She alleged that when a request was earlier made to put up PM's pictures also at the fair price shops in Telangana, it was not allowed. The BJP workers who came forward to put up the pictures were also not allowed, she claimed.

"I am telling you today. Our people will come and put up the PM's banner here. You will, as the district administrator, ensure that it shall not be removed. That it shall not be torn," she warned the Collector.

"If a banner is not there, I will come to this place again," she said.

https://www.ndtv.com/india-news/fina...answer-3311406

 

[MP2011]

This is our FM (of all people) who have this priority of feku being omnipresent.

 

[NishanKonar]

Luxembourg has none of the above yet do not consider its economy an anomaly. I wondering why. (Rhetorical question).

PS: Luxembourg is a tax haven; look it up.

Exactly. Plus Luxemburg is also not really a country. Its just a town. So its also an anomaly. If tomorrow say Goa was independent nation - it wud have been as rich as any European nation - bcoz of tourism. Bcoz its a tiny state with beautiful beaches

That's why I gave example of China and Korea. Those are comparable with India

 

[Technics 1210]

Exactly. Plus Luxemburg is also not really a country. Its just a town. So its also an anomaly. If tomorrow say Goa was independent nation - it wud have been as rich as any European nation - bcoz of tourism. Bcoz its a tiny state with beautiful beaches

That's why I gave example of China and Korea. Those are comparable with India

Ahh ok, now the facts have been presented, you have done some research, Luxembourg is also an anomaly according to you.

Before, it was a case of:

Luxembourg- White Europeans .
Qatar/UAE - Muslims.

Tsk tsk.

 

[NishanKonar]

Do you really think we can get to double digits under this regime? Think again,

She alleged that when a request was earlier made to put up PM's pictures also at the fair price shops in Telangana, it was not allowed. The BJP workers who came forward to put up the pictures were also not allowed, she claimed.

"I am telling you today. Our people will come and put up the PM's banner here. You will, as the district administrator, ensure that it shall not be removed. That it shall not be torn," she warned the Collector.

"If a banner is not there, I will come to this place again," she said.

https://www.ndtv.com/india-news/fina...answer-3311406

Nirmala Sitharaman is the worst character in this govt. Although Smriti Irani is giving her tough competition

 

[NishanKonar]

Ahh ok, now the facts have been presented, you have done some research, Luxembourg is also an anomaly according to you.

Before, it was a case of:

Luxembourg- White Europeans .
Qatar/UAE - Muslims.

Tsk tsk.

This is the problem with Pakistanis - u guys see everything from the lens of religion. Always think whole world is against Muslims / Islam

ps : I never mentioned anything positive about Luxemburg. I have benchmarked against China / Korea

 

[MP2011]

Nirmala Sitharaman is the worst character in this govt. Although Smriti Irani is giving her tough competition

Worst undoubtedly are the top-2, the gang leaders! The one (Nitin Gadkari) who is actually any good at deliveries, is being humiliated on daily basis by the regime.

 

[Technics 1210]

This is the problem with Pakistanis - u guys see everything from the lens of religion.

No, you did.

Your religious hatred was exposed, and as a Hindutva proponent you fell for the White European economy while calling Islamic economies anomalies; it's all in black and white above.

The only silver lining is you learned something about Luxembourg.

Still, Indians escaping their motherland which is meant to be the fastest growing economy in the world proves GDP/Capita is not the only metric, and indigenous Indians have no faith in Modi's government.

Have a nice day.

 

[NishanKonar]

No, you did.

Your religious hatred was exposed, and as a Hindutva proponent you fell for the White European economy while calling Islamic economies anomalies; it's all in black and white above.

The only silver lining is you learned something about Luxembourg.

Still, Indians escaping their motherland which is meant to be the fastest growing economy in the world proves GDP/Capita is not the only metric, and indigenous Indians have no faith in Modi's government.

Have a nice day.

Brother like I said - u guys need to get out of this perpetual victimhood syndrome about ur religion. Anyways don't think I can reason with someone like you beyond a point.

ps : Indians leave India bcoz per capita GDP in India is low compared to the West ! Hence thats should be only metric that matters. The day India's per capita GDP will be similar to the West - this migration will stop . I guess u r too dense to understand all that

 

[NishanKonar]

Worst undoubtedly are the top-2, the gang leaders! The one (Nitin Gadkari) who is actually any good at deliveries, is being humiliated on daily basis by the regime.

Gadkari does not suck up to Modi - so he is getting the shoe

 

[Technics 1210]

Brother like I said - u guys need to get out of this perpetual victimhood syndrome about ur religion.

I am well out of it, but you need to get out of the victimhood that is the 1000 year of Muslim rule over Hindus.

Your victimhood, and ignorance, were caught red handed. Islamic economies are anomoloies, but Luxembourg is not, this is after you read up on Luxembourg's economies.

It's all in thread for anyone to read.

 

[NishanKonar]

I am well out of it, but you need to get out of the victimhood that is the 1000 year of Muslim rule over Hindus.

Your victimhood, and ignorance, were caught red handed. Islamic economies are anomoloies, but Luxembourg is not, this is after you read up on Luxembourg's economies.

It's all in thread for anyone to read.

Lol

This was supposed to be discussion on India's GDP

U are now taking it to history , Mughals , Islamophobia

Anyways I m out. Cannot have any proper discussion with such insecure folks

 

[Technics 1210]

Lol

This was supposed to be discussion on India's GDP

U are now taking it to history , Mughals , Islamophobia

Anyways I m out. Cannot have any proper discussion with such insecure folks

I agree, I cannot have discussion with ignorant folk who love the White Europeans but hate Islamic nations because Muslims ruled India for over 1000 years.

Next time you use words like anomaly, look it up, read up on the context, and prevent exposing your religious hatred.

Oil and Gas.

 

[shortbread]

I fear France will comfortably overtake UK next year and push us down to 7th.

 

[JaDed]

One thing is for certain, money is well and truly flowing towards the East, and with the new payment system (which bypass SWIFT), auch as MIR and RuPay, the West will see outflows like never before.

Here’s the kicker; the East has experienced, and continues to live in poverty; the West haven’t had a taste of mass scale poverty, yet.

All will change in the next 10 years.

If you have Pension SIPPs in UK, switch to Eastern funds - I already have.

More than Rupay it’s UPI which has been a massive game changer, while Rupay would help us in sanctions like situation but UPI has evened the game completely.

 

[JaDed]

India should just look to enable its population, UPI and hopefully future farmbills should help us get to that position, the biggest issue is tapping potential of the rural populations.

Soy ITC study case is an awesome example why farm bills will a boon for us.

 

[JaDed]

Mubarak to all Indians.

Now tell me if this effects their day to day lives.

Or does it only help the select few?

It matters in terms of where India was , the famous Congress ministers claim that telephone is a luxury and not a right based kn that, the difference is slow but there.

I grew up 1990s in India in cities and so many things were a luxury to where we stand now is remarkable.

India’s true story unfortunately starts only from 1991.. everything before that can be termed as missing the bus.

We still are far off and it’s obviously silly to be arrogant over such news but I’m just happy that we are not mentioned along Africa, and that there is a future.

I’m just grateful that we are improving , our population is trying to make a difference form their own identity.

 

[AamchiMumbaikar]

It is a success story because a middle class working citizen in India is enjoying a better standard of life compared to 90's

We had over population even in 70's 80's, but we always languished at the bottom.

Having said that 1/4th of the country is still poor, needs time.

 

[cricketjoshila]

Useless comparison

No point comparing GDP of a country with 10 X the population of UK

Only metric that matters is GDP per capita !

Lanka's GDP per capita is highest in south east asia.

 

[cricketjoshila]

More than Rupay it’s UPI which has been a massive game changer, while Rupay would help us in sanctions like situation but UPI has evened the game completely.

Well, you can roam around in a city in India without your wallet and just your mobile and still do almost everything.

I have done it in Kolkata.

 

[Cover Drive Six]

It's not India's decade, it's India's century, says McKinsey's Bob Sternfels

India will be the world's future talent factory as it will have 20% of the globe's working population by 2047, said Bob Sternfels, CEO, McKinsey & Co. The firm's 13th global leader added that it will not only be India's decade, but India's century, with all key elements in place - a large working population, multinational companies reimagining global supply chains, and a country leapfrogging at digital scale-to achieve something special not just for the Indian economy, but potentially for the world.

Many individuals have stated that it is India’s decade. I truly assume it is India’s century once we have a look at a few of the uncooked components right here. India is the longer term expertise manufacturing unit for the world. By 2047, India would have 20 per cent of the world’s working inhabitants,” Sternfels said in an interview with Economic Times.

"India has leapfrogged on the digital scale. All these are the uncooked supplies to do one thing particular for not solely the Indian financial system however probably for the world," he added.

McKinsey plans a "disproportionate commitment" to India and that's why its global board will be coming to the country in December.

The firm has 5,000 people in India, a number he wants to double to 10,000.

Sternfels also spoke about the current scandals which have hit McKinsey, the state of the worldwide financial system, inflation woes and deglobalisation.

Reacting to a question regarding what the CEOs are telling concerning the state of their corporations, Sternfels said, "One of many issues that I did over the previous 12 months was get out and speak to purchasers, and I've talked to over 500 of our CEOs within the final 12 months.

https://economictimes.indiatimes.com/news/economy/indicators/its-not-indias-decade-its-indias-century-says-mckinseys-bob-sternfels/articleshow/93937057.cms?from=mdr

 

[cricketjoshila]

I still remember how Chidambaram made fun of UPI in the parliament. Today sabzi wala pan wala all take UPI transfers.

 

[Cover Drive Six]

 

[Cover Drive Six]

I still remember how Chidambaram made fun of UPI in the parliament. Today sabzi wala pan wala all take UPI transfers.

And Pappu said we are going into Sri Lanka way.

 

[Cover Drive Six]

British looted $45 trillion of wealth from India till 1947.
In 75 years, India bigger economy than Britain.

 

[NishanKonar]

Lanka's GDP per capita is highest in south east asia.

Any country can get a recession. Does not depend on ur GDP size or per capita GDP. Example Greece ( 2012-15) , Argentina ( 2002 ) , Russia ( 1998 ) , Korea ( 1997 ) all suffered terrible recessions even though they had higher GDP or per capita GDP than us !

 

[sweep_shot]

These stats are very deceptive. Doesn't give the full picture.

Nonetheless, congratulations.

 

[JaDed]

Well, you can roam around in a city in India without your wallet and just your mobile and still do almost everything.

I have done it in Kolkata.

Yeah it was same in tier two cities which was awesome to see..

But lets always remember the idea of this was of Raghuram Rajan , I genuinely believe he wanted the best for India and had the intellect for the same.

 

[cricketjoshila]

Any country can get a recession. Does not depend on ur GDP size or per capita GDP. Example Greece ( 2012-15) , Argentina ( 2002 ) , Russia ( 1998 ) , Korea ( 1997 ) all suffered terrible recessions even though they had higher GDP or per capita GDP than us !

Lanka is bankrupt. So was Greece.

Hence your per capita income means nothing, when your economy is extremely vulnerable.

 

[FearlessRoar]

Airbus will build a helicopter assembly line in India with Indian conglomerate Tata, the European aircraft manufacturer said Friday.

The deal was announced during a two-day visit to India by French President Emmanuel Macron.

Airbus said the facility — which will take two years to set up — would be the first such operation to be run by a private group in India.

It will assemble and test the major components of the H125 Ecureuil helicopter, and deliver the helicopter to customers in India and neighboring countries.

Airbus CEO Guillaume Faury said making the helicopter in India would “unlock the true potential of the helicopter market in the country.”

The H125 is a light civilian helicopter which can transport up to six people.

In 2021, Airbus decided to set up an assembly line for C295 military transport aircraft in the western Indian state of Gujurat, also together with Tata.

Macron has pushed for greater French involvement in the Asia-Pacific at a time when Washington and its Western allies are courting India as a military and economic counterweight to China.

Source: Arab News

Airbus to open helicopter assembly line in India

PARIS: Airbus will build a helicopter assembly line in India with Indian conglomerate Tata, the European aircraft manufacturer said Friday. The deal was announced during a two-day visit to India by French President Emmanuel Macron. Airbus said the facility — which will take two years to set up —...

www.arabnews.pk

 

[Itachi]

I still remember how Chidambaram made fun of UPI in the parliament. Today sabzi wala pan wala all take UPI transfers.

To be honest, I was also skeptical.

I thought may be in metro it's possible but in villages? No way.

But jio did play its part also. Without jio, the growth of UPI would have been a bit slow.

 

[FearlessRoar]

India's forex reserves jump USD 4.307 billion to new all-time high of USD 655.817 billion as on June 7, says RBI

PTI