India overtakes UK as fifth largest economy on nominal basis
Quote:
The devaluation of the British pound has resulted in India's nominal GDP exceeding the UK. India is now the fifth or sixth largest economy in the world based on nominal (exchange rate) GDP UK, India and France are nearly tied based on exchange rate.
The value of the pound declined by 20% over the last 12 months.
UK’s 2016 GDP of GBP 1.87 trillion converts to $2.29 trillion at exchange rate of ~GBP 0.81 per $1.
India’s GDP of INR 153 trillion converts to $2.30 trillion at exchange rate of ~INR 66.6 per $1.
France has a GDP of about 2.22 trillion euro. This converts to $2.3 trillion at an $1.0389 per 1 euro.
what does this mean in general? India is richer than the UK?
GDP is the value of all goods and services produced in the country in a year, GDP (nominal) is that value converted from whatever local currency used into US dollars. It does not mean normal. India has a population that is 20 times larger than the UK it should be richer, this just shows how underdeveloped India still is that we are able to compete with them.
UK would be even lower in the list if it wasn't for all the people that have roots in India or that migrated from there to do great work for the country.
GDP is the value of all goods and services produced in the country in a year, GDP (nominal) is that value converted from whatever local currency used into US dollars. It does not mean normal. India has a population that is 20 times larger than the UK it should be richer, this just shows how underdeveloped India still is that we are able to compete with them.
They are both important. GDP per capita might express how rich people living in a certain country are, but total nominal GDP most of the time means a more powerful country as a whole.
India was always a rich country until britishers came and looted.. and it will slowly shine again
. India better slay