In 2020-21, nominal GDP per capita or GDP per capita at current prices is expected to be 145,679, down from 151,760 in 2019-20. GDP per capita for 2020-21 is 99,694 INR at constant prices (2011-12).
At current prices, India’s per capita net national income (NNI) is expected to reach 128,829 Indian rupees in 2020-21, up from 134,186 INR in 2019-20. In real terms (at 2011-12 prices), per capita income in 2020-21 is expected to be Rs. 86,659, down from Rs. 94,566 in 2019-20.
India’s GDP (nominal) per capita in 2021 is expected to be $2,191 at current prices, according to the IMF World Economic Outlook (April – 2021). In terms of nominal GDP per capita, India ranks 144th out of 194 economies. India’s GDP per capita was 6.45 percent of world GDP per capita in 1993; by 2019, it has increased to 18.4 percent. India’s nominal per capita income is nearly 60 times that of the world’s richest countries and almost eight times that of the world’s lowest. In the list of Asian countries, India is ranked 33rd.
According to PPP, India’s GDP per capita is expected to reach 7,333 US dollars in 2021. It accounts for over 40% of global GDP per capita. The Asian rank is 31 and the world rank is 128, respectively.
What is the GDP per capita of India in 2021?
According to Trading Economics global macro models and analysts, India’s GDP per capita is predicted to reach $1750.00 USD by the end of 2021. According to our econometric models, India’s GDP per capita will trend around 1850.00 USD in 2022 and 1920.00 USD in 2023 in the long run.
What accounts for India’s low GDP?
There are two things that stand out. The Indian economy began to revive in March 2013 more than a year before the current government took office after a period of contraction following the Global Financial Crisis.
But, more importantly, since the third quarter of 2016-17 (October to December), this recovery has transformed into a secular slowing of growth. While the RBI did not declare so, many experts believe the government’s move to demonetise 86 percent of India’s currency overnight on November 8, 2016, was the catalyst that sent the country’s GDP into a tailspin.
The GDP growth rate steadily fell from over 8% in FY17 to around 4% in FY20, just before Covid-19 hit the country, as the ripples of demonetisation and a poorly designed and hastily implemented Goods and Services Tax (GST) spread through an economy already struggling with massive bad loans in the banking system.
PM Modi voiced hope in January 2020, when GDP growth fell to a 42-year low (in terms of nominal GDP), saying: “The Indian economy’s high absorbent capacity demonstrates the strength of the country’s foundations and its ability to recover.”
The foundations of the Indian economy were already weak in January last year well before the outbreak as an examination of key factors shows. For example, in the recent past (Chart 2), India’s GDP growth trend mirrored an exponential development pattern “Even before Covid-19 came the market, there was a “inverted V.”
Which country is the most powerful in the world?
In the 2021 Best Countries Report, Canada wins the top overall rank as the world’s number one country for the first time. After coming in second place in the 2020 report, Canada has now eclipsed Switzerland in the 2021 report, with Japan, Germany, Switzerland, and Australia following closely behind.
Which country is the poorest in the world?
Burundi, a small landlocked country ravaged by Hutu-Tutsi ethnic conflict and civil violence, has the terrible distinction of being the poorest country on the planet. Food scarcity is a serious concern, with almost 90 percent of its approximately 12 million residents reliant on subsistence agriculture (with the overwhelming majority of them surviving on $1.25 a day or less), and food insecurity is about twice as high as the norm for Sub-Saharan African countries. Furthermore, access to water and sanitation is still limited, and only about 5% of the population has access to electricity. Needless to say, the epidemic has worsened all of these issues.
How did things get to this point, despite the fact that the civil war officially ended 15 years ago? Infrastructure deficiencies, widespread corruption, and security concerns are all common causes of extreme poverty. In 2005, Pierre Nkurunziza, a charismatic former Hutu rebel who became president, was able to unite the country behind him and begin the process of reconstructing the economy. However, in 2015, his announcement that he would run for a third termwhich the opposition claimed was illegal under the constitutionreignited old feuds. Hundreds of people were killed in fighting, and tens of thousands were internally or externally displaced as a result of the failed coup attempt.
Nkurunziza died in the summer of 2020, at the age of 55, from cardiac arrest, while it is widely assumed that Covid-19 was the true reason. Days later, Evariste Ndayishimiye, an ex-general designated by Nkurunziza to succeed him when his term expired, was sworn in. His track record has been mixed so far. While he, like his predecessor, minimized the virus’s severity, and claims of human rights violations continue to emerge from the country, he made an effort to relaunch the economy and mend diplomatic relations with his African neighbors, particularly the West. His efforts were rewarded: the United States and the European Union recently withdrew financial restrictions imposed in the aftermath of the 2015 political turmoil, resuming aid to Burundi. Could this be a watershed moment for the world’s poorest country?
What is India’s current GDP?
- As of 2017, India’s nominal (current) Gross Domestic Product (GDP) is $2,650,725,335,364 (USD).
- In 2017, India’s real GDP (constant, inflation-adjusted) was $2,660,371,703,953.
- In 2017, the GDP Growth Rate was 6.68 percent, a change of 177,938,082,996 US dollars from 2016, when Real GDP was $2,482,433,620,957.
- In 2017, India’s GDP per capita (with a population of 1,338,676,785 people) was $1,987, up $113 from 2016’s $1,874; this indicates a 6.0 percent increase in GDP per capita.
In 1947, what was India’s GDP?
However, as the country near the end of its 74th year of independence, it’s worth reflecting on how far it’s come in such a short time. India had a population of 340 million people at the time of independence. Its literacy rate was likewise shockingly low, at about 12%.
India’s population has expanded to about 1.4 billion people in the last seven decades, with a literacy rate of 74.37 percent in 2018 a remarkable feat given the chaotic period it experienced under British control.
India’s GDP was only 2.7 lakh crore when it gained independence in 1947, accounting for only 3% of the world’s total GDP. India overtook France to become the world’s fifth largest economy in 2018, trailing only the United States, China, Japan, and Germany.
According to the Ministry of Statistics and Programme Implementation’s latest data, India’s real GDP is Rs 147.79 lakh crore, accounting for 7.74 percent of world GDP in 2018. (accounting for purchasing power parity). This percentage was expected to climb to about 10% by 2024, but it’s unknown how the COVID-19 pandemic will appear as an economic reality in India in the coming years.
Agriculture accounted for more than half of India’s GDP at the time of independence. Agriculture now makes up just under 16 percent of the Indian economy, despite producing more than five times as much as it did in 1947, indicating the immense structural shifts that the Indian economy has undergone, particularly following the implementation of liberalisation policies in the early 1990s.
While the country’s prosperity since 1947 is unquestionably commendable, it has not been distributed evenly across the country. According to some estimates, India’s share of total world GDP plummeted to as low as 3.8 percent in 1952, prompting former Prime Minister Manmohan Singh to say that the country was the poorest country in the world in terms of per capita income at the turn of the twentieth century.
In this context, the World Bank’s 2017 per capita income statistic for India of $1,940 appears to be significant progress. However, a closer examination reveals that, despite being one of the world’s top five economies, India could not match the per-capita figures of the nations ranked above it in 2018. India’s per capita income was not even higher two years ago than that of some of its Asian neighbors, like Sri Lanka ($4,065), Bhutan ($3,110), and the Maldives ($10,536).
While detractors would argue that India’s large population invalidates any comparisons with those countries, it is worth noting that China, the only country with a population equivalent to India’s, had a per capita income four times greater in 2018.
Is India a developing country in 2021?
India is still a developing country. Although the country’s economy is improving, poverty remains a serious issue. India, on the other hand, is experiencing a drop in poverty. As of May 2021, it had 84 million people living in extreme poverty, accounting for 6% of the entire population. However, depending on the severity of the economic collapse, the COVID-19 pandemic is likely to push an extra number of individuals into extreme poverty. According to the yearly Poverty and Shared Prosperity Report, poverty, defined as living on less than $1.90 per day, afflicted between 9.1 percent and 9.4 percent of the world’s population in 2020. This would be a reversion to the 9.2 percent rate seen in 2017. This percentage was predicted to drop to 7.9% in 2020 if the epidemic had not affected the global economy. The World Bank examined and proposed changes to its poverty calculation methodology and purchasing power parity basis for gauging poverty around the world in May 2012. In terms of percentage, it was only 3.6 percent. Multidimensional poverty has decreased dramatically from 54.7 percent in 2005 to 27.9 percent in 20152016 as of 2020. According to Achim Steiner, the administrator of the United Nations Development Programme, India brought 271 million people out of extreme poverty over a 10-year period from 20052006 to 20152016. “Some 220 million Indians sustained on an expenditure level of less than Rs 32 / daythe poverty line for rural Indiaby the last headcount of the poor in India in 2013,” according to a World Economic Forum research from 2020.
Since 19901991, the World Bank has been changing its poverty definition and benchmarks, with a $0.2 per day income on a purchasing power parity basis serving as the standard from 2005 to 2013. To assess poverty in India, some semi-economic and non-economic indices have been proposed. For example, the Multi-dimensional Poverty Index gives a 13 percent weight to the amount of years a person spent in school or engaged in education, and a 6.25 percent weight to the individual’s financial situation when determining whether or not they are poor.
From the 1950s through the 2010s, diverse definitions and underlying small sample surveys used to measure poverty in India resulted in wildly differing estimates of poverty. According to the Indian government, 6.7 percent of the population lives below the official poverty line. According to the United Nations Millennium Development Goals (MDG) program, 80 million Indians (approximately 6.7 percent of the population) lived below the poverty line of $1.25 in 201819, according to the PPPs International Comparison Program for 2019.
Poverty in India increased under the British Raj from the late 19th century to the early 20th century, peaking in the 1920s. Throughout the 19th and early 20th centuries, famines and epidemics killed millions of people in a series of vicious cycles. Famines were not allowed to kill millions of people after India attained independence in 1947. Since 1991, India’s strong economic growth has resulted in a significant reduction in extreme poverty. Those who are not poor, on the other hand, have a precarious economic situation. According to the criteria used in the Suresh Tendulkar Committee report, India’s population below the poverty line was 354 million (29.6% of the population) in 20092010 and 69 million (21.9%) in 20112012. According to the Rangarajan Committee, the number of people living in poverty in 20092010 was 454 million (38.2 percent of the population) and 363 million (29.5 percent of the population) in 20112012. According to Deutsche Bank Research, the middle class comprises over 300 million individuals. If current trends continue, India’s proportion of global GDP will rise sharply from 7.3 percent in 2016 to 8.5 percent in 2020. Around 170 million people, or 12.4% of India’s population, lived in poverty in 2012 (defined as $1.90 (Rs 123.5)), down from 29.8% in 2009. Sandhya Krishnan and Neeraj Hatekar, economists, argue in their study that the middle class comprises 600 million people, or more than half of India’s population.
The Asian Development Bank estimates that India’s population is 1.28 billion, with a 1.3 percent annual growth rate from 2010 to 2015. In the year 2014, 9.9% of the population aged 15 and up were employed. 6.9% of the population is still living in poverty, with 63 percent living in extreme poverty (December 2018) The World Poverty Clock displays real-time poverty trends in India, based on the most up-to-date data from the World Bank and other sources. According to latest projections, the country is on track to abolish severe poverty by 2030 by achieving its sustainable development goals. According to Oxfam, India’s richest 1% of the population now owns 73 percent of the country’s wealth, while the poorest half of the population, 670 million people, saw their wealth rise by only 1%.
Is Pakistan poorer than India?
With a GDP of $2,709 billion dollars in 2020, India’s GDP will be about ten times that of Pakistan’s $263 billion dollars. The disparity is larger in nominal terms (almost ten times) than in ppp terms (8.3 times). In nominal terms, India is the world’s fifth largest economy, while in ppp terms, it is the third largest. Pakistan has a nominal ranking of 48 and a PPP ranking of 24. Maharashtra, India’s most economically powerful state, has a GDP of $398 billion, far exceeding Pakistan’s. Tamil Nadu, India’s second-largest economy ($247 billion), is relatively close. The gap between these two countries was at its narrowest in 1993, when India’s nominal GDP was 5.39 times that of Pakistan, and at its widest in 1973. (13.4x).
In terms of gdp per capita, the two countries have been neck and neck. For only five years between 1960 and 2006, India was wealthier than Pakistan. In 1970, Pakistan’s GDP per capita was 1.54 times that of India. Since 2009, the margin has widened in India’s favor. On an exchange rate basis, India’s per capita income was 1.56 times more than Pakistan’s in 2020, with an all-time high of 1.63x in 2019. The previous year, Pakistan was wealthier than India. Both countries rank near the bottom of the world in terms of GDP per capita. India is ranked 147 (nominal) and 130 (absolute) (PPP). Pakistan is ranked 160 (nominal) and 144 in the world (PPP). There are 28 Indian states/UTs that are wealthier than Pakistan.
In 2020, India’s gdp growth rate (-7.97) will be lower than Pakistan’s (-0.39) after 19 years. India’s GDP growth rate reaches a high of 9.63 percent in 1988 and a low of -5.24 percent in 1979. Pakistan’s inflation rate peaked at 11.35 percent in 1970 and peaked at 0.47 percent in 1971. Pakistan expanded by more than 10% in three years from 1961 to 2017, while India never did. India’s GDP growth rate has been negative for four years, whereas Pakistan’s growth rate has never been negative.
According to the CIA Fackbook, India’s GDP composition in 2017 was as follows: agriculture (15.4%), industry (23%), and services (23%). (61.5 percent ). Agriculture (24.7 percent), Industry (19.1 percent), and Services account for the majority of Pakistan’s GDP in 2017. (56.3 percent ).
Is India more impoverished than Africa?
Acute poverty is prevalent in eight Indian states, including Bihar, Uttar Pradesh, and West Bengal, according to a new UNDP measure termed the Multi-dimensional Poverty Index (MPI). They have more poor people than the 26 poorest African countries put together.
The Oxford Poverty and Human Development Initiative, with UNDP financing, created and used a new measure called the Multidimensional Poverty Index. The indicator reflects the nature and scope of poverty at several levels, ranging from the household to regional, national, and worldwide levels.
According to its designers, there are more poor people in eight Indian states (421 million in Bihar, Chattisgarh, Jharkhand, MP, Orissa, Rajasthan, UP, and West Bengal) than there are in the 26 poorest African countries combined (410 million).
Since 1997, the Human Poverty Index has been included in the Annual Human Development Reports, however the MPI has replaced it.
From education to health outcomes to assets and services, the MPI evaluates a variety of essential characteristics or deprivations at the household level. When these indicators are considered combined, they provide a more complete picture of acute poverty than basic income metrics.
India is home to 1/3 of the world’s poor. It also has a higher percentage of people living on less than $2 per day than even Sub-Saharan Africa.
75.6 percent of the population, or 828 million people, live on less than $2 a day.
42% of the population is poor, according to the new international poverty level.
Indians account for 33% of the world’s poor, or 14 billion people. The situation in Sub-Saharan Africa, the world’s poorest region, is improving.
With a monthly per capita consumer spend of Rs 447, 41.8 percent of the rural population makes ends meet.
They barely spend Rs 447 on basic necessities such as food, gasoline, light, and clothing.
According to current estimates from the Planning Commission, India’s poverty rate fell from 35.97 percent in 1993-94 to 27.54 percent in 2004-05.
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Is India deteriorating?
Remember that, according to a Pew survey released in March, India’s middle class has dropped by as much as a third, with 3.2 crore dropping into the lower-income category and 3.5 crore slipping from that category to join the ranks of the poor, whose numbers have swelled. If the economic recovery has not been accompanied by a recovery in employment and consumption, the recovery will almost certainly be K-shaped.