India, on the 75th anniversary of its independence from the U.K., has overtaken its former colonial master to rank as the world's fifth largest economy.
United Bank for Africa Chairman Tony Elumelu says Russia's war on Ukraine puts unplanned pressure on the economy., according to GDP figures from the International Monetary Fund. , India overtook the U.K. in the final three months of 2021 and extended its lead into the first quarter.Indiana business tycoon and Mahindra Group chairman applauded the news, saying it would have "filled the hearts" of every Indian who fought to win independence from their former colonial overlords.
"The law of karma works," Mahindra tweeted Friday. "News that would have filled the hearts of every Indian that fought hard and sacrificed much for freedom. And a silent but strong reply to those who thought India would descend into chaos. A time for silent reflection, gratitude."
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