Uday Kotak, billionaire and CEO of Kotak Mahindra Bank, took to social media on Saturday to express his delight at India overtaking the United Kingdom as the world’s fifth largest economy.
He stated in a tweet, “Proud moment for India to pip UK, our colonial ruler, as the 5th largest economy: India $3.5trn vs UK $3.2trn. But a reality check of population denominator: India: 1.4 bn vs UK.068 bn. Hence,per capita GDP we at $2,500 vs $47,000. We have miles to go… Let’s be at it!.”
Uday Kotak’s remark came as Britain fell behind India to become the world’s sixth largest economy.
Proud moment for India to pip UK, our colonial ruler, as the 5th largest economy: India $3.5trn vs UK $3.2trn.But a reality check of population denominator: India: 1.4 bn vs UK.068 bn.Hence,per capita GDP we at $2,500 vs $47,000. We have miles to go…Let’s be at it!
— Uday Kotak (@udaykotak) September 3, 2022
In the final three months of 2021, India surpassed the United Kingdom to become the world’s fifth-largest economy. The calculation is in US dollars, and India maintained its lead in the first quarter, according to International Monetary Fund GDP figures.
This news comes as a further blow to the London government, which is already dealing with a severe cost-of-living shock.
The IMF predicts that, India will overtake the United Kingdom in dollar terms this year, putting the Asian powerhouse behind only the United States, China, Japan, and Germany. A decade ago, India was ranked 11th among the world’s largest economies, while the United Kingdom was ranked 5th.
The United Kingdom’s slide down the international rankings is a frustrating backdrop for the new Prime Minister. Boris Johnson’s successor will be chosen by Conservative Party members on Monday, with Foreign Secretary Liz Truss expected to beat former Chancellor of the Exchequer Rishi Sunak in the run-off.
In comparison, the Indian economy is expected to grow by more than 7% this year. Following a world-beating rebound in Indian stocks this quarter, their weighting in the MSCI Emerging Markets Index has risen to second place, trailing only China’s.