India fifth largest economy in the world? IMF's per capita data say something else

By Rajiv Shah

Forbes India, an obvious subsidiary of Forbes, one of America's top business magazines, has clubbed India among pop 10 largest economies in the world in 2023, with India being the fifth largest. I was a little surprised when I read this. However, as a read through the news story, my apprehensions appeared to be correct.

First let me quote from the story itself. It says, "The United States of America, China, Japan, Germany, and India are the largest economies in the world in 2023, as per their GDP data. GDP serves as a key metric for assessing the magnitude of a nation's economy."

It even describes the methodology of its calculation: "The conventional approach for gauging a country's GDP involves the expenditure method, wherein the total is derived by aggregating expenditure on fresh consumer goods, new investments, government outlays, and the net value of exports."

It praises India in following words: "India's economy boasts diversity and swift growth, fuelled by key sectors such as information technology, services, agriculture, and manufacturing. The nation capitalises on its broad domestic market, a youthful and technologically adept labour force, and an expanding middle class."

Lovely!
However, as I glanced through the story, astonishingly, I found that in per capita GDP India is nowhere near any of the top economies of the world. Deriving its data from IMF, Forbes finds that while India's GDP is 3,750 USD, the fifth largest, when it comes to per capita GDP, it's a poor 2,600 USD, not only way below rich capitalist countries but it's competitors like China 13,720 USD and Brazil 9,670 USD.
So there's nothing to cheer about!

Swaminarayan, untouchability and the 'we are not Hindu' argument

By Rajiv Shah Following my blog on why the Eiffel Tower authorities should take all the blame for giving in to the Swaminarayan sadhus ’ bizarre demand to “invisibilise” women, including its female staff, during their visit to the internationally renowned Paris tourist centre on September 5, an interesting comment by one of the top academics drew my attention to something I vaguely knew about one of India’s most powerful and richest religious sects.

From margins to microphones: The rise of Dalit hip-hop in India

By Tersina Maria Toppo* A protest does not always arrive as a slogan shouted from a street corner. Sometimes, it arrives on a beat. A microphone replaces the megaphone, a music video becomes a public square, and the smartphone becomes the space where a history once pushed to the margins is narrated, debated, and shared.

Xi Jinping’s visit to USA: Recognition that China can't be contained?

By Vijay Prashad President Xi Jinping’s forthcoming visit to the United States must be understood as more than an encounter between two heads of state, but it must be seen as an encounter between two possible futures. In one future, the United States imposes a spiral of confrontation against China. Trade disputes harden into economic warfare, then economic warfare intensifies into technological blockades, technological blockades produce military encirclement, and finally military encirclement creates incidents, and incidents the danger of becoming an unimaginable war.

Counterview

Search This Blog