India surpasses Britain to become world's fifth largest economy

As Britain grapples with a depreciating pound sterling in a post-Brexit era and India continues to grow rapidly since its economic liberalization in 1991, the two have swapped spots in the rankings of world economies.

For the first time in 150 years, India has surpassed its erstwhile colonial master in terms of GDP, which is now the fifth largest in the world after the U.S., China, Japan and Germany.

India’s Minister of State for Home Affairs declared the news on social media.

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Interestingly, Britain earlier in the year slipped below France in the global economy table as Brexit-related uncertainties continued to mount.

In October, the International Monetary Fund (IMF) had predicted the possibility of India surpassing Britain by the end of the fiscal year, according to a news report.

“India is the seventh largest economy worth $2.29 trillion -- just $50 billion less than the current UK's GDP, which will be bridged by end of this fiscal,” IMF had said.

Earlier in the year, “growth star” India had overtaken China as the fastest growing major economy in the world thanks to a consumption boom in the country.

Furthermore, the total size of the Indian economy is set to surpass Japan and Germany's combined by 2019, says the IMF.

While global rankings look up for the world’s second most populous nation, its people continue to suffer following last month's demonetization move.