Labourers work at the construction site of a residential complex in New Delhi, India, December 11, 2016 [Representational Image: Reuters].

What was Philip Hammond saying about the UK’s economy in his Autumn Statement?

“It is a privilege to report today on an economy which the IMF predicts will be the fastest-growing major advanced economy in the world this year”?

So much for the IMF. So much for Philip Hammond.

So much for Brexit, too – as it is said to have much to do with the UK’s fall down the international league table. And so much for Theresa May, who is determined to ram it down all our throats.

I thought Brexit was supposed to be a joyful release from the strictures imposed on us, and a leap into a bright, bountiful future.

It has been nothing but misery so far.

The Indian economy has overtaken its colonial ruler UK’s economy to become the fifth largest in the world. India’s economic growth is expected to clock between six to eight percent compared to the UK’s expected growth of one to two percent until 2020.

Following Brexit (Britain’s decision to exit the European Union), the value of the British pound declined and thus contributed to India jumping ahead of Britain’s economy in gross domestic product (GDP) terms, Sputnik news reported.

The jump in ranking can be attributed to India’s rapid economic growth over the last 25 years and due to Brexit. Not only has India overtaken the UK but it is also expected to widen the gap on the back of robust economic prospects. Even if the currencies fluctuate, the Indian economy is expected to remain ahead of that of the UK on the basis of future growth prospects.

Source: Indian economy: India overtakes UK to become fifth largest economy in the world

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