New Delhi - India overtook UK to become the world’s fifth-largest economy, during the final three months of 2021, Bloomberg reported on Friday. The country is expected to see its GDP expand by more than 7% this year.

“On an adjusted basis and using the dollar exchange rate on the last day of the relevant quarter, the size of the Indian economy in ‘nominal’ cash terms in the quarter through March was $854.7 billion. On the same basis, the UK was $816 billion,” the agency said, citing figures from the IMF database and historical exchange rates.

This is the second time India has outdone the UK in terms of its economy, previously it was in 2019. India is just behind the US, China, Japan and Germany.

New Delhi published its GDP data for the first quarter, reporting that Indian economy had grown by 13.5% year-on-year. Though its a little lower than the RBI’s projections, the growth rate was still the highest of any developing country.

Meanwhile, British economy is experiencing its worst inflation in four decades. The Bank of England warns of a recession, lasting well into 2024.

The Indian Rupee is also set to overtake the UK in dollar terms on an annual basis this year. The pound so far has fallen 8% against the Indian rupee this year.