India Overtakes Britain As The World’s Sixth Largest Economy
India’s economy has reportedly overtaken the United Kingdom’s for the first time in over 100 years, now standing as the world’s sixth largest economy by GDP after the United States, China, Japan, Germany, and France.
The milestone is a symbol of India’s rapid economic growth and, conversely, the U.K.’s post-Brexit slump.
Economically, it’s been a banner year for India. In February, it surpassed China as the world’s fastest growing economy. And in October, the International Monetary Fund predicted India would retain that title for the foreseeable future; its GDP is projected to increase by 7.6 percent through 2017.
“India may have a large population base but this is a big leap,” Kiren Rijiju, India’s minister of state for home affairs, said of the news earlier this week.
India’s former colonial ruler, the United Kingdom, is projected to grow by only 1.8 percent in 2016 and 1.1 percent in 2017. Since it voted to leave the European Union in June, which could entail leaving the EU’s lucrative common market, Britain’s economy and currency has struggled.