$4.94 trillion that year. The following year, India’s economy would hit the $5.36-trillion mark, higher than Japan’s at $5.17 trillion. That year, India would become the third-largest economy.
The size of India’s economy was $3.18 trillion in 2021-22 (FY22), while Britain’s was $3.19 trillion in 2021, according to the flagship publication by the Fund. The size of India’s economy is calculated on a financial year basis (April to March). For other economies, it is on a calendar year basis.
Earlier, there was a Bloomberg report that stated that India has overtaken the UK in the fourth quarter of FY22, basing it on World Bank data. However, that comparison was made on quarterly figures, not yearly.
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