INDIAN ECONOMY - A CLOSER LOOK
(First published on Aug 23, 2022) Indian economy is the fifth largest in the world with the GDP at $2.94 trillion. World Economic Outlook of IMF (April 2021) was projected the GDP per capita of India as $2,191. This makes India on 144th position among 194 countries in GDP (nominal) per capita. Countries with highest GDP per capita are Luxembourg ($1,31,302), Ireland ($1,02,394), Switzerland ($93,515), Norway ($82,244), USA ($69,375).& Iceland ($68,844) While the per capita income of India remains at 1.7% of Luxembourg and 3.16% of USA, the GDP is at the fifth position. Huge disparity can be found between the GDP and GDP pci of India. While one denotes the economic strength of the country, the other denotes that of the people. After the prime analysis of this any economist may find the reason for this as the large population sharing the big GDP. Since the truth is different, one cannot ratify this economic...