India is now the world's fifth largest economy.

It surpassed its former colonizer this week for the first time in over 100 years.

Forbes reports that India's gross domestic product is at $2.

30 trillion while the UK's weighed in at $2.

29 trillion on Dec.

16.

It's a big landmark for India's economic history According to Forbes, the UK economy outpaced India's between Britain's 18th century Industrial Revolution and the year India gained its independence from the UK in 1947.

From there, the two independent nations grew their economies at about the same rate.

Then in 1991, India reformed its markets and began a period of faster economic growth compared to the UK.

It appears that growth period is still in effect today.

The economic gap between India and the UK is expected to widen.

Reports say India's economy will likely grow by six to eight percent per year while the UK is projected to grow by one or two percent per year until 2020.

For NewsBeat Social, I'm Molly Riehl.