Forbes Magazine Current Affairs

India surpasses Britain to become world’s sixth-largest economy: Forbes magazine

According to report published in Forbes magazine, India has surpassed its colonial masters United Kingdom to become world’s sixth-largest economy in GDP terms for first time after nearly 150 years.

Following the change in the rankings, India’s economy now stands behind the United States, China, Japan, Germany and France.

Key Facts
  • India has managed to overtake UK owing to Britain’s recent Brexit-related problems and its rapid economic growth followed by downslide in the value of the pound.
  • UK’s economy is expected to grow by 1.8% in 2016 and slow down to 1.1% in 2017. Its economy and currency are struggling since it voted to leave lucrative common market of European Union.
  • Whereas, India’s economy maintained its growth around 7% primarily due to price slump in global commodities, good rainfall, lower-than-expected inflation, reforms undertaken by Government to spur growth.
  • Furthermore, this gap is expected to widen as India grows at 6 to 8% per annum as compared to UK’s growth of 1 to 2% until 2020, and likely beyond.
  • Even if the currencies fluctuate that modify these growth figures to rough equality, India’s economy will be ahead of UK based on future growth prospects.

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PM Narendra Modi ranks 9th among world’s most powerful people list of Forbes

Prime Minister Narendra Modi was placed at 9th position among 74 of the world’s most powerful people list released by the Forbes Magazine.

The list gives the annual ranking of the World’s Most Powerful People on the basis of their financial resources, scope and use of power and the number of people they impact.

Key Facts
  • 2016 edition of the list was topped by Russian President Vladimir Putin. This is for fourth consecutive year Putin has topped the list.
  • The first billionaire President of the United States was ranked second in the list. In the 2015 edition of the list he was placed 72. Outgoing US President Barack Obama dropped from 2 to 48.
  • German Chancellor and backbone of the European Union Angela Merkel was ranked 3rd. She continues her reign as the most powerful woman on the planet for consecutive 11 years.
  • New names in list: Theresa May (#13), Travis Kalanick (#64), Bob Iger (#67), Mike Pence (#69); Rodrigo Duterte (#70), Sheldon Adelson (#72), Antonio Guterres (#36) and Recep Erdogan (#56).
  • Other Indian’s in the list: Reliance Industries Chairman Mukesh Ambani (#38), Microsoft CEO Satya Nadella (#51).
10 most powerful people in the world
Rank Name Designation
1 Vladimir Putin President of Russia
2 Donald Trump President of US
3 Angela Merkel Chancellor of Germany
4 Xi Jinping President of China
5 Pope Francis Pope of Roman Catholic Church, Vatican City
6 Janet Yellen Chairperson of US Federal Reserve
7 Bill Gates Chairman of Bill & Melinda Foundation
8 Larry Page Founder of Google
9 Narendra Modi Prime Minister of  India
10 Mark Zuckerberg Cofounder of Facebook
Indian’s in the list
38 Mukesh Ambani Chairman of Reliance Industries
51 Satya Nadella Microsoft CEO

About Forbes list of World’s Most Powerful People

The list of World’s Most Powerful People started in 2009 by Forbes magazine. Since then annually published. The list has one slot for person or leader for every 100 million people on Earth. These slots are allocated based on the amount of human and financial resources as well as their influence on world events. It that in 2011 there were 70, and in 2012 there were 71 slots. Similarly in 2016 it has 74 slots.

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