India has surpassed Britain in overall economic growth for the first time in 100 years. It has come after the value of pound declined 20% over the last 12 months, says a Forbes report.
It states that Brexit has been one of the major reasons behind the debacle, and also claims that India’s rapid growth over the past 25 years has helped in giving a boost to its economy.
This year, UK’s GDP of £1.87 trillion converts to $2.29 trillion at an exchange rate of about £0.81 per $1. At the same time, India’s GDP of Rs 153 trillion converts to $2.30 trillion at an exchange rate of about Rs 66.60 per $1.
The situation is expected to worsen further for the UK as India is currently growing at 6-8 per cent while the former is witnessing a 1-2 per cent yearly growth, which is expected to continue till 2020 and maybe even beyond, the report adds.
However, India’s per capita GDP is still less than one-fifth that of the UK.