The campus is set to become the largest dedicated hub for AI and technology companies in the Middle East and North Africa
India surpassed the UK to become the fifth largest economy in the world, according to reports on Friday.
Indian media quoted Bloomberg in reports, saying the country overtook the UK in the final three months of 2021 to become the fifth-biggest economy, just behind the US, China, Japan and Germany.
The calculation is based in US dollars, and India extended its lead in the first quarter, according to GDP figures from the International Monetary Fund (IMF), the reports said.
“On an adjusted basis and using the dollar exchange rate on the last day of the relevant quarter, the size of the Indian economy in nominal cash terms in the quarter through March was $854.7 billion while the UK economy was $816 billion,” The Hindustan Times reported.
While the UK is facing an inflation that would further affect the country’s economy, the forecast for India is a growth by more than 7 per cent this year. The calculations were done using the IMF database and historic exchange rates on the Bloomberg terminal.
Forecasts by IMF also show India overtaking the UK in dollar terms on an annual basis this year. A decade ago, India ranked 11th among the largest economies, while the UK was 5th. According to 2021 reports, nominal GDP in US dollars was $3.19 trillion for the UK while India was close to it with $3.17 trillion GDP.
The campus is set to become the largest dedicated hub for AI and technology companies in the Middle East and North Africa
Dravid's tenure comes to an end after the T20 World Cup 2024 in the USA and West Indies
Stand-in skipper Jitesh believes the absence of key England players will not affect his side's morale on Sunday
Netanyahu came under personal attack from Defence Minister Yoav Gallant for failing to rule out an Israeli government in Gaza after the war
The fund is designed to finance the production of artistic and creative works in film, music, performances, and video games
Fico has been in hospital since Wednesday when a lone gunman shot him four times, including in the abdomen
The country was one of the donor states to freeze around $450 million in funds after Israel accused 12 UNRWA staff of participating in the Hamas-led attack
This inclusive community service is available daily on Al Hamriya Beach from 6.00am to sunset