India is now the fifth-largest economy in the world, overtaking the United Kingdom in end-March 2022, according to the latest calculations by Bloomberg. India has been on a steady rise since the early 2000s, with its economy growing at an average of 7.3% annually over the past two decades. This growth has been driven by a number of factors, including a large and young population, an expanding middle class, and a growing manufacturing sector.
The Indian economy is now larger than the UK’s, with a GDP of $2.94 trillion compared to the UK’s $2.83 trillion. India’s GDP per capita is also higher than the UK’s, at $2,170 compared to the UK’s $2,084. This means that India is now richer than the UK, in terms of both GDP and GDP per capita.
India’s economic growth has been driven by a number of factors, including a large and young population, an expanding middle class, and a growing manufacturing sector. India’s population is estimated to be 1.37 billion, with a median age of 28. This large and young population has helped to fuel economic growth, as more people are able to enter the workforce and contribute to the economy.
The Indian middle class is also expanding, with an estimated 400 million people now considered to be middle class. This expanding middle class has helped to drive consumer spending, which has been a major contributor to India’s economic growth. Additionally, India’s manufacturing sector has been growing rapidly, with the country now producing a wide range of goods, from cars to electronics.
India’s economy is also benefiting from the government’s efforts to promote foreign investment. The government has implemented a number of reforms, such as the Goods and Services Tax, which has helped to make the country more attractive to foreign investors. Additionally, the government has been promoting the “Make in India” initiative, which encourages foreign companies to set up manufacturing operations in India.
India’s economy is now larger than the UK’s, and its GDP per capita is also higher. This means that India is now richer than the UK, in terms of both GDP and GDP per capita. India’s economic growth has been driven by a number of factors, including a large and young population, an expanding middle class, and a growing manufacturing sector. The government’s efforts to promote foreign investment have also helped to fuel economic growth. All of these factors have contributed to India becoming the fifth-largest economy in the world, overtaking the UK in end-March 2022.
