India Overtakes UK To Become World's 5th Biggest Economy
By MEHER ONISA : 21-Dec-2016
NEW DELHI: For the first time in over ten decades, India's economy has remarkably accelerated beyond the United Kingdom's economy.
Indian Economy the World’s Sixth Largest:
According to the GDP, Indian economy is reported to be the 6th largest in the world for the first time ever in 100 years. Indian economy leads next to the United States, China, Japan, Germany and France. The country has attained its financial milestone and the credit goes to the rapid economic growth of the country.
The Banner Year for India:
The chief economists of the nation call this stage as the ‘banner year of India’.
In October, the International Monetary Fund had speculated that India would continue to enjoy its title or retain it for a long time as the GDP is projected to be propelled beyond 7.6 percent through 2017.
Past February, the Indian economy had surpassed China as the world's fastest growing economy.
United Kingdom is reported to grow by only 1.8 percent in 2016 and 1.1 percent in 2017.
Indian Economy Benefits From the Global Commodities:
Though many of the controversial reforms have not gone smoothly, still PM Narendra Modi has been attempting to add momentum in order to sweep market reforms for spurring the economic growth.
Modi Experiments Note Ban to Root-out Corruption:
Similarly, in an effort to broom away corruption and tax dodging, Modi had risked his image by demonetizing 86 percent of India's high denomination currency notes in circulation.
Ironically, In India only 2 to 3 percent of the people are paying income tax while others are hiding their surplus earnings and incomes to escape income tax returns.
Modi's demonetisation movement has plummeted business transactions, interrupted salary payments and caused torment nationwide but the government is optimistic that in the long run the move will come as a commendable step against eradication of corruption from the root level.