India's economy for the first time in more than a century has overtaken that of the United Kingdom, Forbes magazine reported.
Akshay Shah, a researcher at Tsinghua University, who wrote the article adds, "This dramatic shift has been driven by India’s rapid economic growth over the past 25 years as well as Britain’s recent woes, particularly with the Brexit."
While India's economy was expected to overtake the United Kingdom by 2020, the weakening of the Pound Sterling speeded up the process, the report said.
It is interesting to know that the UK-based policy group, Centre for Economics and Business Research (CEBR), had predicted in December 2011, that India would become the fifth largest economy by 2020, but it has already crossed the landmark, The Times of India reported.
According to Foreign Policy, the country's economy now ranks fifth in the world. "India may have a large population base but this is a big leap," Foreign Policy quoted Minister of State Kiren Rijiju as saying.
The Forbes report noted that the latest milestone implies the arrival of India on the world stage and might significantly change the power dynamics between New Delhi and the West.
India overtakes UK & becomes 5th largest GDP after USA, China, Japan & Germany. India may have large population base but this is a big leap. pic.twitter.com/ANPUExHEyL
— Kiren Rijiju (@KirenRijiju) December 18, 2016
Updated Date: Dec 21, 2016 21:54:20 IST