Bangladesh overtakes India in per capita GDP: IMF

[Homo Sapiens]

India has states too. They have their own collection.

For example Maharastra.

Own tax revenue: Total own tax revenue of Maharashtra is estimated to be Rs 2,25,071 ($30 billion) crore in 2020-21.

Own tax revenue: Total own tax revenue of Karnataka is estimated to be Rs 1,11,991 crore ($15 billion) in 2020-21

Own tax revenue: Total own tax revenue of Tamil Nadu is estimated to be Rs 1,33,530 crore ($19 billion) in 2020-21

Uttar Pradesh: 1,89,592 crore ($25 billion)

Total own tax revenue of Andhra Pradesh is estimated to be Rs 70,679 crore in 2020-21 ($10 billion).

Total own tax revenue of Telangana is estimated to be Rs 85,300 crore in 2020-21 ($ 12 billion)

Own tax revenue: Total own tax revenue of Gujarat is estimated to be Rs 1,05,094 crore in 2020-21 ($15 billion)

Own tax revenue: Total own tax revenue of Rajasthan is estimated to be Rs 77,030 crore in 2020-21 ($10 billion)

I have given you own tax collections of 8 states. We have 29 states in all.

View attachment 679585

World Bank do not exclude sub national tax collection for federal states. Do you think this $345 billion tax revenue figure I quoted earlier only related to Indian central budget? When India's total central spending is about $400 billion. So, obviously this $345 billion figure both include central and states tax collection. Spending is much more than mere tax revenue collection in most of the countries including Bangladesh. In Bangladesh, tax revenue is about 30 billion dollar but expenditure is about 60 billion dollar.

 

[Protest_again]

World Bank do not exclude sub national tax collection for federal states. Do you think this $345 billion tax revenue figure I quoted earlier only related to Indian central budget? When India's total central spending is about $400 billion. So, obviously this $345 billion figure both include central and states tax collection. Spending is much more than mere tax revenue collection in most of the countries including Bangladesh. In Bangladesh, tax revenue is about 30 billion dollar but expenditure is above 60 billion dollar.

What part of states own tax collection do you not understand? States in India have their own budgets too.

In India central govt collects taxes on subjects like CGST, Excise, Corporate taxes, Income taxes etc

States collect their own taxes on SGST, Stamps and Duties, Road and Vehicle taxes, Liquor, Sale of petrol and diesel etc

Indian state budgets exceed $570 billion, obviously central is not compensating its entire revenue to states. Lol.

Central budget spends on central subjects like defence, infrastructure, railways, cities etc.

States spend on education, healthcare, agriculture, rural development etc.

You are at best comparable to a state not India.

State	Budget (in crore rupees)	FY	Reference
Andhra Pradesh	2,24,789 ($30 billion)	2020–21	[1]
Arunachal Pradesh	19,261 ($3 billion)	2018–19	[2]
Assam	99,419 ($13 billion)	2019–20	[3]
Bihar	2,11,761 ($30 billion)	2020–21	[4]
Chhattisgarh	95,650 ($13 billion)	2020–21	[5]
Delhi	60,000 ($9billion)	2018–19	[6]
Goa	21,056($3 billion)	2020–21	[7]
Gujarat	2,17,287 ($30 billion)	2020–21	[8]
Haryana	1,42,343 ($20 billion)	2020–21	[9]
Himachal Pradesh	49,100($7 billion)	2020–21	[10]
Jammu and Kashmir	95,666 ($12 billion)	2018–19	[11]
Jharkhand	85,429 ($11 billion)	2019–20	[12]
Karnataka	2,37,893 ($32 billion)	2020–21	[13]
Kerala	1,44,265 ($20 billion)	2020–21	[14]
Madhya Pradesh	1,86,865 ($25 billion)	2018–19	[15]
Maharashtra	4,04,794 ($56 billion)	2019–20	[16]
Manipur	13,731 ($2 billion)	2018–19	[17]
Meghalaya	TBA	2020–21
Mizoram	9,492 ($1 billion)	2018–19	[18]
Nagaland	TBA	2020–21
Odisha	1,50,000 ($20 billion)	2020–21	[19]
Puducherry	TBA	2020–21
Punjab	1,54,805 ($22 billion)	2020–21	[20]
Rajasthan	2,25,731 ($30 billion)	2020–21	[21]
Sikkim	7,051($1 billion)	2018–19	[22]
Tamil Nadu	3,00,390 ($42 billion)	2020–21	[23]
Telangana	1,82,914 ($27 billion)	2020–21	[24]
Tripura	TBA	2020–21
Uttarakhand	53,526 ($6 billion)	2020–21	[25]
Uttar Pradesh	5,12,860 ($70 billion)	2020–21	[26]
West Bengal	2,55,677 ($35 billion)

 

[Homo Sapiens]

Fine. How about electronics? Smart phones? Bangladesh 7 million vs India's 158 million in 2019. While Bangladesh majority of smartphones (70%) are less than 8000 taka. India's smart phone average cost is 17000 rupees.

View attachment 679518

Well we prefer building toilet rather than buying expensive smart phone imported from China like the Indians! Indians would rather take a dump in the field and buy expensive smart phone.
India has more mobile phones than toilets: UN report

India has more mobile phones than toilets: UN report

Far more people in India have access to a mobile phone than to a toilet, according to a UN study on sanitation.

www.telegraph.co.uk

While we prefer domestically made smart phone which are cost effective and invest the saved money to build beautiful house with beautiful toilet. Our priorities and your priorities are different.

 

[Protest_again]

Well we prefer building toilet rather than buying expensive smart phone imported from China like the Indians! Indians would rather take a dump in the field and buy expensive smart phone.
India has more mobile phones than toilets: UN report

India has more mobile phones than toilets: UN report

Far more people in India have access to a mobile phone than to a toilet, according to a UN study on sanitation.

www.telegraph.co.uk

While we prefer domestically made smart phone which are cost effective and invest the saved money to build beautiful house with beautiful toilet. Our priorities and your priorities are different.

Now you went tangent rather than discussing the point. You keep talking about manufacturing of smart phones in Bangladesh. Why not look up smart phone manufacturing in India too? Its like you keep arguing with half knowledge on the matters.

Still, my point is Indias are able to afford and consume more.

People using at least basic sanitation services (% of population) - Country Ranking

 

[Figaro]

Well we prefer building toilet rather than buying expensive smart phone imported from China like the Indians! Indians would rather take a dump in the field and buy expensive smart phone.
India has more mobile phones than toilets: UN report

India has more mobile phones than toilets: UN report

Far more people in India have access to a mobile phone than to a toilet, according to a UN study on sanitation.

www.telegraph.co.uk

While we prefer domestically made smart phone which are cost effective and invest the saved money to build beautiful house with beautiful toilet. Our priorities and your priorities are different.

Indians have become one with nature ... what can you say? They have returned to how humanity was thousands of years ago

 

[fallstuff]

Modi brigade is back in full force !

 

[Gibbs]

Fine. How about electronics? Smart phones? Bangladesh 7 million vs India's 158 million in 2019. While Bangladesh majority of smartphones (70%) are less than 8000 taka. India's smart phone average cost is 17000 rupees.

View attachment 679518

It's a great achievement by Bangladesh by any means you look at it, No need to be petty.. 10 years ago Indian GDP per Capita was 40% higher than Bangladesh's, Today they may overtake you

So that means they have progressed well economically while India have regressed, Not just India but rest of South Asia including Pakistan and Sri Lanka

Kudos where it's due

 

[beijingwalker]

India GDP in PPP terms more than Bangladesh’s: Indian Government

GDP of India: India GDP in PPP terms more than Bangladesh’s: Government | India Business News - Times of India

India Business News: India’s GDP in purchasing parity terms (PPP) in 2019 was 11 times more than that of Bangladesh while its population was eight times more, government s

timesofindia.indiatimes.com

 

[Protest_again]

It's a great achievement by Bangladesh by any means you look at it, No need to be petty.. 10 years ago Indian GDP per Capita was 40% higher than Bangladesh's, Today they may overtake you

So that means they have progressed well economically while India have regressed, Not just India but rest of South Asia including Pakistan and Sri Lanka

Kudos where it's due

Sure. I just want to understand their GDP. Its not based on consumption as I have been pointing out. It cannot be based on exports either. Given India exports about $550 billion (goods and services) compared to $40 billion of Bangladesh. Investment is again at about 30% of GDP for both of these countries.

GDP = C + G + I + NX (where C=consumption; G=government spending; I=Investment; and NX=net exports)

They seem to be managing it through excess government spending ($27 billion revenue to over $60 billion in spending) and by restricting imports so net exports are relatively stable (eventhough they are in negative). Indian revenues are about $750 billion but spends about $970 billion. If we follow Bangladesh India can spend upto $1.8 trillion. Then Indian GDP would just be way higher.

This is not a model that other countries should be followed or praised about. People are still poor but government keeps spending more. This is also prone to corruption. If they open up for imports, their currency would undergo massive correction to reflect their true GDP.

 

[Gibbs]

Sure. I just want to understand their GDP. Its not based on consumption as I have been pointing out. It cannot be based on exports either. Given India exports about $550 billion (goods and services) compared to $40 billion of Bangladesh. Investment is again at about 30% of GDP for both of these countries.

GDP = C + G + I + NX (where C=consumption; G=government spending; I=Investment; and NX=net exports)

They seem to be managing it through excess government spending ($27 billion revenue to over $60 billion in spending) and by restricting imports so net exports are relatively stable (eventhough they are in negative). Indian revenues are about $750 billion but spends about $970 billion. If we follow Bangladesh India can spend upto $1.8 trillion. Then Indian GDP would just be way higher.

This is not a model that other countries should be followed or praised about. People are still poor but government keeps spending more. This is also prone to corruption. If they open up for imports, their currency would undergo massive correction to reflect their true GDP.

Well their RMG sector have been growing exponentially in the last 2 decades or so so undoubtedly net export worth is a major factor, Also there has been a concerted effort in infrastructure development so govt spending must be higher as well

What ever the model it has worked well for them, Taking their population out of abject poverty, and it shows in the human development standards as well, So it's impacting in all the right socio economic sectors

Where else rest of South Asia due to various political (India, Sri Lanka) And social (Pakistan) have fallen back.. For example Sri Lanka fell back in to lower middle income bracket from a upper middle income bracket in just two years

 

[Protest_again]

Well their RMG sector have been growing exponentially in the last 2 decades or so so undoubtedly net export worth is a major factor, Also there has been a concerted effort in infrastructure development so govt spending must be higher as well

What ever the model it has worked well for them, Taking their population out of abject poverty, and it shows in the human development standards as well, So it's impacting in all the right socio economic sectors

Where else rest of South Asia due to various political (India, Sri Lanka) And social (Pakistan) have fallen back.. For example Sri Lanka fell back in to lower middle income bracket from a upper middle income bracket in just two years

Srilanka's problems are external. Consumption is still okay. Its the tourism revenues that took a big hit. So the balancing is definitely a challenge. But I hope it is temporary, you should bounce back. But tourism dependent on external factors so it is a bit risky too.

India's problems are not external given we are enjoying largest forex reserves in the region ($545 billion). It is also not consumption as our consumption this Sept for the most part exceeded last Sept. Its just our leaders who drastically enforced lock down for 3 months which affected production. But I am pretty sure we'll bounce back by next year.

 

[Gibbs]

India's problems are not external given we are enjoying largest forex reserves in the region ($545 billion). It is also not consumption as our consumption this Sept for the most part exceeded last Sept. Its just our leaders who drastically enforced lock down for 3 months which affected production. But I am pretty sure we'll bounce back by next year.

Well the same IMF predicts Indian Economy to grow 8% next fiscal, So yeah this might as well be a glitch but tbf the economic foes cannot be just placed solely on the lockdown, Imo it started with the demonetizing of the Indian currency which impacted the informal sector large scale, Which is a huge percentage of the Indian economy.. It was a gradual decline over two years or so not just six months ago

 

[Protest_again]

Well the same IMF predicts Indian Economy to grow 8% next fiscal, So yeah this might as well be a glitch but tbf the economic foes cannot be just placed solely on the lockdown, Imo it started with the demonetizing of the Indian currency which impacted the informal sector large scale, Which is a huge percentage of the Indian economy.. It was a gradual decline over two years or so not just six months ago

To be honest, its the opposite that had happened. Since Modi came to power, he extended Mudra loans (look up) to informal sectors, gave generous interest rate cuts for SME sectors, raised sales tax threshhold from 10 lakhs to 20 lakhs to now 40 lakhs. But unfortunately all this help to them don't show up in GDP calculations as they are mainly informal. Do you not notice that it is always the opposition which made such claim while India's middle class overwhelmingly voted him back to power? There was no demonstrations or protests against it ever.

If India's informal sector was put in distress, it would have reflected in India's consumption but it kept growing year on year.

Modi stopped giving massive loans to bankrupt corporates. Previous govts ie., MM singh used to give these huge loans (undeserving) to corporate sectors even when their balance sheets are bad just so that it is counted as investment in the calculations of GDP.

Modi instead invested in startup sector. His Start up India and Stand up India are a huge success. Today India is counted as one of top 3 VC investment destination. India attracted $34 billion in VC investment last year. He cleaned several sectors in the economy, and looked to raise our ease of doing business ranking (118 in 2014 to 63 in 2019). Today India attracts $51 billion a year in FDI. Why do you think Indian forex reserves which were at $280 billion in 2014 rose to $545 billion today.

India among top three FDI destinations in near future: CII-EY survey

Today because of demonetization India does close to $350 billion in online banking transactions. It is because of his policies (digital India) India enjoys one of the cheapest data plans anywhere in the world ($2 for 30 GB download).

Every policy of Modi had been for good of India. He is just not worried about whether it makes him look good. He sacrificed GDP growth for the development of informal sector. Don't just go by biased Indian media articles.

 

[Kabira]

I said few weeks ago that India GDP will be $2.6 trillion by end of this FY. Now IMF is saying same thing.

 

[Chakar The Great]

Well done Bangladesh. Proud of you guys!!