India has leapt past the UK in the last three months of 2021 to become the fifth-biggest economy in the world, according to International Monetary Fund (IMF) data. According to a Bloomberg report, the size of the Indian economy in ‘nominal’ cash terms in the quarter through March was $854.7 billion, while that of the UK was $816 billion.
The development comes just days after government data showed that India’s GDP rose 13.5 per cent in the June 2022 quarter of the FY 23. A decade ago, India ranked 11th among the largest economies, while the UK was 5th.
However, it’s not just the GDP or the size of economy, where India competes with the top most countries. The traditional culture, languages and the rich diaspora have also secured the top positions for the country when compared with other countries.
Here is a list of some of the prominent indicators where India has given a tough competition to some of the most developed countries globally:
Fastest-growing Asian economy?
India is likely to be the fastest-growing Asian economy in 2022-23, according to experts at Morgan Stanley. The experts estimate that India’s GDP will grow to an average of 7 percent during this period, which is the strongest among the largest economies, a report in Business Standard said.
The report added that India will contribute 28 percent and 22 percent to Asian and global growth, respectively. It added that the Indian economy is set for its best run in over a decade, as pent-up demand is being unleashed.
Indian CEOs everywhere
The top US companies have long been fairly represented by Indian-origin CEOs. While a decade ago, there were few CEOs from Indian origin including Pepsi Co’s Indra Nooyi, Google’s Sundar Pichai and Ajay Banga, who led MasterCard for a decade and many others.
However, the numbers have significantly increased in the last two decades. To name a few, there are Raj Subramaniam, CEO of FedEx; Parag Agrawal heading Twitter; CS Venkatakrishnan of Barclays, Arvind Krishna of IBM, Sanjay Mehrotra, Micron and Punit Renjen of Deloitte to name a few.
Rich Food Culture
Many reports have rated Indian cuisine to be one of the best in the world. According to a report in Fine Dining Lovers, the Indian foods, rated to be third globally, has ancient traditions and vast terrain.
The cuisine in the country differs with geography and states. While the states of Rajasthan and Gujarat have rich cuisine of vegetarian foods, Delhi and Lucknow have a good collection of non-vegetarian foods.
Multilingual country
More than 19,500 languages or dialects are spoken in India as mother tongues, according to the latest analysis of a census released this week. It has been ranked the fourth country in terms of languages.
There are 121 languages which are spoken by 10,000 or more people in India, which has a population of 121 crore, it said.
IT sector growing at twice the rate
The country’s tech sector is also expected to grow at twice the rate of the Indian economy in this financial year. According to a report in Times of India, the sector’s revenue is estimated to rise by 15 percent and reach $227 billion in 2021-22.
The report said that the growth is the highest since 2011, as all the sub sectors of the industry has seen double-digit growth.
This IT revenue growth is the highest in a decade, and the revenue will surpass that of last year by at least 30 percent. The sector contributed 9 percent to the national GDP and accounted for 51 percent of all service exports.
GDP Expands in First Quarter
India’s economy grew by 13.5 per cent in the April-June period this fiscal — the fastest in the last four quarters — on account of better performance by the agriculture and services sectors, official data showed on Wednesday. India remained the fastest growing major economy as China registered economic growth of 0.4 per cent in the April-June 2022 quarter.
The Indian economy grew by 20.1 per cent in April-June 2021-22, as per the data released by the National Statistical Office (NSO). The gross domestic product (GDP) expanded by 8.4 per cent in July-September 2021, 5.4 per cent in October-December 2021 and 4.1 per cent in January-March 2022. The first quarter growth at 13.5 per cent is less than the RBI’s projection of 16.2 per cent released earlier this month.
Rich in Cultural Site
India has been home to one of the earliest and largest civilisations. The country has 40 world heritage sites listed by UNESCO and has been ranked sixth in terms of countries with the highest number of heritage sites.
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