India - world’s 5th largest economy

Context: According to Bloomberg Report, India outpaced England during the preceding three months of 2021.

-The calculation is based on US dollars (current prices), and India extended its lead in the first quarter, according to GDP figures from the International Monetary Fund.

-Indian economy is forecast to grow more than 7% this year

-The size of the Indian economy in “nominal” cash terms in the quarter through March was approx.. $855 On the same basis, the UK was $816 billion.

Top Economies in the World  1. The United States  2. China  3. Japan 4. Germany  5. India 6. The United Kingdom  7. France  8. Italy.

Basics:

-Nominal GDP ( means including inflation) Vs Real GDP (without counting for inflation)

-Current prices ( are those indicated at a given moment in time, and said to be in nominal value) Vs Constant prices are in real value, i.e. corrected for changes in prices in relation to a baseline or reference datum.