The booming Indian economy is now larger than Britain's thanks to slump in the value of Sterling against the dollar, a report claims.
Indian government minister Kiren Rijiju announced on Twitter the nation had taken a “big leap” and become the fifth largest economy in the world – behind the US, China, Japan and Germany.
His comments came after a report by Forbes magazine suggested the UK had been overtaken by both France and India and now ranks seventh.
It blamed a collapse in the value of sterling of almost 20 per cent against the US dollar following the Brexit vote in June.
The financial journal estimated the UK’s gross domestic product at $2.29trillion when converted to dollars, just pipped by India’s $2.30trillion.
Economists are wary of comparing the relative size of economies using volatile exchange rates.
The rupee has also fluctuated since the government suddenly withdrew higher-value banknotes in a crackdown on corruption and tax avoidance last month.
The International Monetary Fund’s latest forecasts for 2016 still show the UK in fifth with a GDP of $2.65trillion, France sixth with $2.49trillion and India seventh on $2.25trillion.
But India had been expected to leapfrog up to fifth by 2020, and more recent forecasts say it could happen in the next few months.
source-sun uk
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