Close X
Monday, January 13, 2025
ADVT 
India

India's per capita GDP growing faster than peers, reverses pre-2014 falling trend

Darpan News Desk The Canadian Press, 30 Apr, 2024 03:32 PM
  • India's per capita GDP growing faster than peers, reverses pre-2014 falling trend

A higher per capita GDP growth also means that the standard of living of the people is rising as each person has more money to spend.

IMF data shows that in 2004, India's per capita GDP was $635 which is 35 per cent of the average per capita GDP of $1,790 for 150 countries listed as "emerging market and developing economies" by the multilateral financial institution. These peer countries include China, Russia, Brazil, and countries in South America, Africa, the Middle East as well as parts of Eastern Europe.

Experts point out that this figure of 35 per cent declined to 30 per cent by 2014 which shows that India became relatively poorer than these 150 countries which performed better. However, this ratio increased from 30 per cent in 2014, to 37 per cent in 2019, according to IMF figures.

India's per capita GDP in 2024 has shot up further to $2,850 which works out to 42 per cent of the $6,770 for its peer countries. This means that the gap has been narrowed with India's economic performance being better than the other emerging economies in the last 10 years.

IMF data also shows that in 2004, India's economy was 37 per cent the size of the Chinese economy but by 2014, it had fallen to a mere 19 per cent as China was clocking a much higher rate of growth. However, with the Indian economy growing at a much faster growth rate than China, the tables are being turned and the relative size of the economy has gone up to 22 per cent.

With India now emerging as the fastest-growing major economy in the world and China lagging behind the relative size of the economy vis-a-vis the Communist country is also increasing.

Based on the strong macroeconomic fundamentals, India is now headed to be the third largest economy surpassing Germany and Japan and what is equally important is that the per capita GDP is rising reflecting a better standard of living for the people.

MORE India ARTICLES

Punjab to provide free legal assistance to students facing deportation from Canada

Punjab to provide free legal assistance to students facing deportation from Canada
Most of these students belong to Punjab and they will be assisted by lawyers who are experts in immigration laws in Canada. Besides, Dhaliwal has written a letter to all MPs of Punjab origin in Canada to solve the issues of these students so that the future of the children can be secured.

Punjab to provide free legal assistance to students facing deportation from Canada

'India, Serbia have huge potential for trade & investment': President Murmu

'India, Serbia have huge potential for trade & investment': President Murmu
Addressing the India-Serbia business forum in Belgrade, President Murmu said that both nations have had friendly relations since the days of the Non-Aligned Movement, and therefore, it is now time to build and strengthen the economic partnership as well as trade ties.

'India, Serbia have huge potential for trade & investment': President Murmu

Former Punjab Police Inspector's assets worth Rs 1 cr attached by ED

Former Punjab Police Inspector's assets worth Rs 1 cr attached by ED
The ED initiated a Prevention of Money Laundering Act investigation, based on an FIR and charge sheet filed by the Punjab Polce's Special Task Force against Inderjit Singh and others under the provisions of the Indian Penal Code, Prevention of Corruption Act, Arms Act, and the Narcotic Drugs and Psychotropic Substances Act.

Former Punjab Police Inspector's assets worth Rs 1 cr attached by ED

Air India passengers stranded in Russia's Magadan forced to sleep on school floor

Air India passengers stranded in Russia's Magadan forced to sleep on school floor
Earlier, on Tuesday Air India flight AI173, from Delhi to San Francisco, was forced to divert and make an emergency landing at Magadan airport in Russia due to a technical issue with one of its engines, officials said.

Air India passengers stranded in Russia's Magadan forced to sleep on school floor

Punjab CM dedicates 35th mother and childcare centre

Punjab CM dedicates 35th mother and childcare centre
Mann said the move is aimed to ensure that people get quality health services in these hospitals. So far 35 hospitals have been dedicated out of total 45 to the people in the last one year, adding more such hospitals will be constructed across the state in coming days.

Punjab CM dedicates 35th mother and childcare centre

India will have 220 airports in next 2-3 years, says Scindia

India will have 220 airports in next 2-3 years, says Scindia
Scindia outlined the objective of reaching a total of 220 airports by 2024-25, including the recent declaration of Tirupati, Vijayawada, Kushinagar, and Mopa Airports as international airports, bringing the total number of international airports in India to 30.

India will have 220 airports in next 2-3 years, says Scindia