THE LATEST update to the IMF’s global economic statistics in April made grim reading for patriotic Indians. The fund estimated that Britain, home to 70m people, had overtaken its 1.45bn-strong former colony to regain the title of the world’s fifth-largest economy. India dropped to sixth place. The reordering is largely the fault of the rupee. India’s currency lost around a tenth of its value against the dollar in the fiscal year to the end of March.
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