CAN INDIA OVERTAKE CHINESE ECONOMY?

Time and again our politicians in power make loud proclamation to the world that India will overtake Chinese economy by next year or an year after that and so on. It is nothing but befooling the illiterate Indians. Before making such claims they must at least take a glance of the statistics of the top world economies. According to the reports of IMF the top ranking countries in the world in nominal GDP as on the year 2021 are:

World $91.98 Tn

US $20.49 Tn

China $13.40 Tn

Japan $4.97 Tn

Germany $4.00 Tn

UK $2.83 Tn

France $2.78 Tn

India $2.72 Tn

Italy $2.07 Tn

Brazil $1.87 Tn

Canada $1.71Tn

While US is on top in the list, China is on number 2 with $13.40 Tn and India is on 7th with $2.72 Tn. China is about five times above us. At current rate of growth it is nearly impossible for us to reach the level of China in 50 years. We must first ask ourselves as to what we are doing now to bring up our GDP level. The answer must be nothing. Our prime assets towards this direction are our natural resources and our population. Median age of India is one of the lowest amongst advanced countries. In order words we are the youngest man power in the world. These must be more than enough to multiply our GDP.  We can find the unemployment rate of our country since 2015 as shown below:

2015 - 5.57%

2016 - 5.51%

2017 - 5.42%

2018 - 5.33%

2019 - 5.36%

2020 - 5.27%

2021 - 7.11% (estimated)

If we are really looking for a quantum leap of our economy the very first thing we have to do is to deploy our entire work force effectively. We have adequate avenues available to do so. Rest of the thing is to exploit the available resources and manage them systematically. GDP will shoot up substantially. What is said above for 50 years can be brought down to a decade or so. On the other hand we use loudspeaker to bring up the GDP. Forget about comparing with China and US. Look at India, India alone. Deploy all our work force. Produce and produce everything and sell out the products all over the world. We can find the needle of GDP moving faster and faster.

Jai Hind!

K V George