India overtook the UK and became the sixth largest economy in the world. For the first time India has overtaken Britain in terms of GDP. This journey of India will continue.
According to Forbes Magazine, "In 2016, the UK GDP was $ 1870 billion, while India's GDP was $ 2,300 billion." This is the first time 150 years after the Indian economy left Britain behind. It was first estimated that India would retreat to Britain by 2020. But due to the breakage this year, the British economy got a lot of money. Pound drowned. India's growth rate remained steady and it reached number six.
According to the report, in the year 2017, the British economy will face a lot of difficulties. The pace of economic growth will drop from 1.8 per cent to 1.1 per cent. The Indian economy's growth rate is estimated to be 6 to 8 percent. In the case of GDP, India may have gone ahead of Britain, but the country is far behind in per capita income.
India is ahead of America, China, Japan, Germany and France. Forbes gave credit for this economic development to economic reforms made in 1991. In 1991, Manmohan Singh was the finance minister of the country. Manmohan Singh adopted liberal policies to correct the Indian economy. He made the Indian market competitive and opened it to international companies. Later, the Vajpayee Government and then Prime Minister Manmohan Singh made these improvements forward.
More than half of India's population is under 35 years of age. China and other developed countries are battling the problem of aging populations. It is estimated that India will leave Japan, Germany and France behind 2022 due to huge human resources.