India becomes 5th largest economy: UK slips one place to 6th position

India has once again become the fifth largest economy in the world. Britain has slipped a place to be in sixth place. According to the International Monetary Fund (IMF), India overtook Britain in the last 3 months of 2021. India is maintaining this growth in GDP figures even in the financial year 2022-23. India's economy stood at $ 854.7 billion.
The UK economy stood at $816 billion during the same period. Britain lost the tag of being the fifth-largest economy as everyday things became more expensive. On the other hand, the Indian economy is growing steadily. A decade ago, India was ranked 11th among the largest economies, while the UK was at 5th.
Indeed, the UK is facing the sharpest inflation and rising risk of recession in four decades. The Bank of England has predicted that this situation will last until 2024. On the other hand, the Indian economy is projected to grow at 7% this year.
The deterioration in Britain's position comes at a time when there is political instability in the country and the ruling party is in the process of electing a new prime minister. Britain's fall in the international rankings will be an unpleasant situation for the new prime minister.
Conservative Party members will choose Boris Johnson's successor on Monday. There are speculations that Foreign Secretary Liz Truss is ahead of former Chancellor Rishi Sunak.
According to the IMF, in 2019 too, India had become the 5th largest economy ($ 2.9 trillion) in terms of nominal GDP. Britain ($28 trillion) had dropped to sixth place. However, India again fell behind.
Recently, India moved to the second position in the MSME Emerging Markets Index, leaving behind China.