India registered an impressive growth figure this year. It is evident from its overtaking the UK as the fifth largest economy in the world.
In the latest quarter figure, India registered an impressive growth rate of 13.5%. Although lesser than expected by the RBI figures, it is an indication of the annual growth rate of around 7%, which is one of the highest in the world.
The UK on the other hand is seeing stagnated growth for close to three years now. The annual growth rate last year was a mere 0.1% and has likely fallen since.
The GDP difference between the UK and India is close to around 38.7 billion USD under current market prices.
India fared at 11th position in terms of GDP in the last decade, while the UK was placed at the 5th position.
This comes in the light of an increasingly assertive India which has taken a more serious role post the covid era.
Based on its high levels of growth, India is estimated to rise to the third position by 2030. These growth levels contrast with the stagnating economies of the West. The post covid era is marked by an uneven recovery in the various nations, with knock-off effects.
Add to this energy crisis from the Russian invasion of Ukraine, the inflation levels are a cause of worry for much of the world. In this context, India fared reasonably well in the troubled waters and successfully provided social goods for much of its population.
The difference between nations of the west and India is bound to grow over the next decade. The visible indication of this is the news that came today.
With the current trends being confirmed, India is only behind the US, China, Japan & Germany in the world.
The growth registered in nominal terms will also mean the increased capability of India to reduce its dependence on various essential goods and services and become ‘atmanirbhar’ (self-dependent), an often used policy term by Narendra Modi, the Prime Minister of India.