India’s economy has swapped the position with Britain as India’s sixth largest economy. India follows large economies like United States, China, Japan, Germany, France. If this wasn’t enough, India has bagged the 6th position for the first time in over 100 years. Quite a laurel for the country.
India is riding high. With recent developments in the country, Narendra Modi has pioneered unprecedented and stronger initiaves which have driven the country on the treadmill of success.
Post Brexit, UK has been on a downhill. The growth has not stagnated. However, the growth has plummeted ever since.
Ever since he has assumed chair, Narendra Modi has pioneered market reforms which have impacted the whole economy and boosted it’s growth undeniably.
In February, India surpassed China as the world’s fastest growing economy. And in October, the International Monetary Fund predicted India would retain that title for future; its GDP is projected to increase by 7.6 percent through 2017.
UK is anticipated to grow by 1.8% in 2016; 1.1% in 2017. UK decided to leave European Union in June. Britain’s economy has been struggling to restore to normalcy.
.India’s economy has been showered with abundant benefits from the global commodities price slump. It has bagged large trade gains, thereby rendering lower than expected inflation.
India has made all earnest efforts to unearth black money. Prime Minister Narendra Modi announced a mega-cash clean up scheme wherein notes of Rs.500 and Rs.1000 were declared illegal. Indians are ready to embrace the change for good.
Notably, only 2-3% Indians pay taxes on account of unrestricted propensity to stash black money ( unaccounted money). This has led to diminished funds for the nation and leading the nation in a regressive fashion.
“India may have a large population base but this is a big leap,” Kiren Rijiju, India’s minister of state for home affairs