United Bank for Africa President Tony Elumelu said Russia’s war on Ukraine is putting unplanned pressure on the economy.
India has overtaken the UK’s place as a Fifth largest economy in the worldAccording to GDP figures from the International Monetary Fund.
By calculation, based on American dollarIndia overtook the United Kingdom in the last three months of 2021 and continued its lead in the first quarter.
File: A man talking on the phone walks past a Xiaomi store in Kolkata, India, on August 5, 2022. (Deparshan Chatterjee/NoorPhoto via Getty Images/Getty Images)
The Indiana business magnate and chairman of the Mahindra Group hailed the news, saying it would have filled the hearts of every Indian who fought for independence from their former colonial rulers.
“The Law of Karma is working,” Mahendra wrote on Twitter on Friday. “News that will fill the hearts of every Indian who fought so hard and sacrificed so much for freedom. A silent but powerful response to those who thought India would plunge into chaos. A time for silent reflection and gratitude.”
Nirmala Sitharaman Minister Finance and Corporate Affairs He noted that a decade ago, India ranked 11th among the largest economies, while the United Kingdom was ranked fifth.
The news came after the country celebrated its 75th anniversary of independence from the United Kingdom, which it achieved after nearly 100 years of direct rule.
Meanwhile, the UK’s downgrading to sixth comes at a turbulent time for the country, both economically and politically.
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The government has not been able to address high inflationand labor strife and strains on the country’s faltering healthcare system since early July, when Prime Minister Boris Johnson announced his intention to resign and sparked a competition to choose his successor. The ruling Conservative Party will announce the winner on Monday.
The Associated Press contributed to this report.
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