Just a decade ago, India was ranked 11th among the major economies. Britain was at number 5 at that time. Gradually, he kept on reducing this distance. Like the British, India crossed every milestone not by plundering others, but on the strength of hard work and skill. India defeated Britain in the last three months of 2021. By the time of the first quarter ie March, he increased the gap of this increase further. According to the data of the International Monetary Fund (IMF), this calculation is based on the US dollar.
Britain battling hundreds of problems
The size of the Indian economy stood at $854.7 billion in nominal cash terms as of March at the dollar exchange rate. On this basis, the UK economy was worth $ 816 billion. This calculation was done using the IMF database and the historical exchange rate of the Bloomberg terminal. IMF estimates were also showing that this year Britain is going to lag behind India.
Mountains of trouble are broken on Britain. He is facing severe inflation. For the first time in four decades, it is two or four at the fastest rate of inflation. Growth is also sluggish. Britain’s GDP grew just 1 percent in the second quarter. In that too, adjusting for inflation, instead of increasing, it has shrunk by 0.1 per cent. Its currency’s performance against the dollar has also faltered.
For Britain, this news is bad in another way. This comes as she is on her way to find her new prime minister. For this, Foreign Minister Liz Truss and former Finance Minister Rishi Sunak are in the race. Anyone can become prime minister. But, he will face many challenges. The biggest challenge will be to accelerate the economy.
Government policies paid off
The winds of reforms have come in India in the last few years. These reforms have taken place in every field. The government is not afraid of moving towards reforms. He has taken many initiatives like Made in India, Digital India, Skill India. They have had a positive impact on growth. Even during Corona, the government’s emphasis was on promoting economic development. These policies of the government have benefited.
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