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Bangladesh overtakes India in per capita GDP: IMF

I am betting the rebound won’t happen for a few more years.

The entire world will take sometime to come back to even pre 2020 levels.

India how quickly it rebounds also depends on how much businesses it can successfully convince to relocate from China. Decoupling activity from China is a fact.
 
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Bhakth are at full swing!


INDIA VS BANGLADESH: FACT VS FICTION

Bangalore Mirror Bureau | Updated: Oct 16, 2020, 06.00 AM IST


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By Sanju Verma (Economist, National spokesperson of BJP & Author of “Truth & Dare — The Modi Dynamic”)

IMF’s recent projection that Bangladesh’s nominal GDP per capita is expected to exceed India’s in 2020 created a furore. First and foremost, comparing India to Bangladesh is like comparing apples with oranges. India’s nominal GDP is $2.94 trillion, while in purchasing power parity (PPP) terms, it is $10.51 trillion. India, under the Modi government, became the 6th largest economy in 2019, overtaking France and the 5th largest, after surpassing the UK in February 2020. Comparable figures for Bangladesh are merely a GDP of $348bn and $861bn in nominal and PPP terms. Moody’s has projected 10.6% real GDP growth and a 4% retail inflation for India for FY22, in a massive thumbs up to Modinomics. Goldman Sachs predicts real GDP growth of 15.7%, while Fitch predicts a 9.9% growth for India in FY22. Modi’s wily critics fail to recognise that while IMF predicts a growth of 8.8% for FY22 for India, it estimates Bangladesh GDP to grow by a mere 4.4%.

With covid-19 derailing all large economies, IMF has predicted a fall in India’s nominal GDP per capita from $2100 in 2019 to $1880 in 2020 while forecasting Bangladesh’s to rise to $1890 in 2020. What Modi’s critics do not mention is that India’s GDP in PPP terms in 2019 was 11 times greater than that of Bangladesh. IMF’s GDP per capita (in PPP terms) for India in 2020,is pegged at $6,284 compared to Bangladesh’s at $5,139. In effect, in terms of PPP per capita, despite the pandemic, India’s number will be 22.28% higher than Bangladesh.

India’s exports last year stood at $322bn, in terms of FOB, while imports stood at $617 billion, on CIF basis. What this implies is India’s overall annual trade (exports + imports) at $939 billion is 2.7 times higher than the entire economy of Bangladesh. India’s apparel exports are expected to touch $300 billion by 2024-25, resulting in a tripling of the country’s market share globally from 5% to 15% cent. A lion’s share (71.27%) of Bangladesh’s total exports of just $40.53 billion on the contrary is limited to only 10 countries. Again, of this $40.53 billion, $25.53 billion came from apparel goods, which means Bangladesh is in a highly precarious situation. India exports approximately 7,500 commodities to about 192 countries. According to Bangladesh Bureau of Statistics (BBS), Bangladesh is experiencing unprecedented shocks, due to covid. It is estimated that Bangladeshi RMG workers lost US$500 million in wages from March to June 2020. The Institute of Labour Studies also estimated that 1,915 garment factories were closed rendering 324,684 workers unemployed. The Modi government’s financial and socially inclusive schemes have reached out to those who need state support. As of June 2020, the Modi government released Rs 895 crore for 59.23 lakh EPFO account holder employees. The Indian government also released the first instalment of PM-KISAN (Rs 16,394 crore) and transferred it to 8.19 crore farmers. The government also disbursed Rs 20,344 crore to women Jan Dhan account holders till June 2020 and also released Rs 2,814 crore to about 2.81 crore old age persons, widows and disabled persons. Also, 2.3 crore Building & Construction workers have so far received support amounting to Rs 4,313 crore.

According to the Bangladesh Institute of Development Studies (BIDS), 164 million have joined as new poor in the country. In sharp contrast, over 75 million people have been lifted from poverty by the Modi government with Pradhan Mantri Garib Kalyan Yojana. Around 42 lakh farmers were paid Rs 73,500 crore, towards MSP for wheat in the Rabi season.

A recent survey conducted by the International Centre for Diarrheal Disease Research (ICDDR) in Bangladesh found that during the lockdown, 91% of sample families considered themselves to be financially unstable. On the other hand, the Modi government transferred Rs 8,488 crore into bank accounts of PM Ujjwala Yojana beneficiaries. An estimated 80% of workers in the informal sector in Bangladesh have become unemployed. The Bangladesh economy is also currently facing the prospect of plummeting remittances. In contrast, India received $20 billion worth of FDI in between April-June 2020. Migrant remittances constitute about 9% of Bangladesh GDP.

In light of ample proof provided above, comparing a behemoth like India with a much smaller nation like Bangladesh is pure harakiri. Under Prime Minister Narendra Modi, per capita GDP of India surged from Rs 83,091 in 2014-15 to Rs 1,08,620 in 2019-20,a solid increase of 30.7%. Under Congress led UPA 2, it had risen by a far smaller,19.8%. The icing on the cake is the fact that the Modi government has used the Covid pandemic to unleash big bang reforms.

Sanju Verma (Economist, National spokesperson of BJP & Author of “Truth & Dare — The Modi Dynamic”)
 
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The entire world will take sometime to come back to even pre 2019 levels.

India how quickly it rebounds also depends on how much businesses it can successfully convince to relocate from China. Decoupling activity from China is a fact.
india will have to legalize slavery of its people by foreign companies then

have to allow beatings and complete subservience



with AI and more automation, the value of the average 3rd world human is more of a liability
 
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India’s apparel exports are expected to touch $300 billion by 2024-25, resulting in a tripling of the country’s market share globally from 5% to 15% cent. A lion’s share (71.27%) of Bangladesh’s total exports of just $40.53 billion on the contrary is limited to only 10 countries. Again, of this $40.53 billion, $25.53 billion came from apparel goods, which means Bangladesh is in a highly precarious situation.

India will have 300 billion USD apparel export by 2024-2025 and will increase global share from 5-15%, is it another pipe dream like 5 trillion usd economy by 2025 as visioned by Modi? Can anyone care to explain?
 
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india will have to legalize slavery of its people by foreign companies then

have to allow beatings and complete subservience



with AI and more automation, the value of the average 3rd world human is more of a liability

You are a weird one!

People need jobs to grow the economy, applicable to Pak also.
 
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Not true. Unfortunately pak’s obession with Kashmir is dragging the entire region down. Pak is cutting its nose off to spite the South Asian face.
How can your lost people being persecuted by a foreign nasty regime not be in the center of our minds? Kashmiris spit in Indian faces and hate you so much that they have been fighting for decades, but you still are obsessed with slaughter and genocide rather than give them the freedom they fight for.
 
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How can your lost people being persecuted by a foreign nasty regime not be in the center of our minds? Kashmiris spit in Indian faces and hate you so much that they have been fighting for decades, but you still are obsessed with slaughter and genocide rather than give them the freedom they fight for.

It must be hurting Pakistanis like you to no end that Kashmir is not part of Pak. But realistically status quo is the most pragmatic solution. You can dress it up how ever you want.
 
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India’s ‘Thin Skin’ Is Stretched – From Tanishq to Bangladesh

Here’s an ‘achievement’ we racked up this week that’s ‘real’: we are the world’s thinnest-skinned people.

Raghav Bahl

Updated: 16 Oct 2020, 11:29 AM IST

Image of Raghav Bahl, Tanishq logo and Bangladesh’s flag used for representational purposes. | (Photo: Shruti Mathur / The Quint)
(Photo: Shruti Mathur / The Quint)

Opinion





Indians are forever searching to hit the top spot in something or anything, somewhere or anywhere – for example, consider the triumphalism that Senator Kamala Harris will be the first ‘Indian’ to rule America – and before you can say ‘pyrrhic’, we’re out clanging utensils in balconies or dancing drunk on streets or tweet-thumping exaggerated boasts or posting cheesy memes on Instagram.

But hey, here’s an ‘achievement’ we racked up this week that’s not pyrrhic but ‘real’ – that is, we are the world’s thinnest-skinned people (despite being its most obese). So, fellow men, women, boys, and girls, roll out the <i>nagadas</i> (drums) and celebrate your newly discovered Olympian heights (or frankly, depths).

(Photo: Erum Gour / The Quint)


Also read: We Were and Will Always Be Secular, Says Tanishq Ad Maker Joyeeta



Trolls So ‘Powerful’, the Mighty Tatas Capitulate

It all began with a harmless (nay, positively uplifting) commercial for that uber rich jewellery brand, Tanishq(precious). They were launching an ekatvam(oneness) product line, and the warm, fuzzy film showed a Muslim mother-in-law celebrating the godh-bharai (baby shower) of her Hindu daughter-in-law. When she asks why the family was straying outside its religious traditions, the mother-in-law answers “which tradition or religion is against a daughter’s happiness”. All very straight and sweet, right? The creators must have felt good punching the upload button on YouTube. But the reprisal was swift and brutal. Right-wing trolls spewed the most uncouth, vicious, and acidic venom on Tanishq for glorifying ‘love jihad’, that diabolical phrase which accuses Muslim men of trapping ‘innocent’ Hindu girls in marriage, taking them like ‘prisoners of war’.

(Photo: Erum Gour / The Quint)


Now, anybody who has faced a troll attack <i>(let me take a bow here)</i> knows how torrential and ugly it gets. Wave after wave of cyber mercenaries – many of whom are not even human beings but programmed bots – unleash the most hideous attack on your social media handles. It’s mercilessly choreographed by troll-masters. The language is unprintable. Nobody is spared. Not your octogenarian parents. Not your teenage children. Such filth and abuse are heaped that it would rattle the conscience and equanimity of even the most detached monk. You feel unnerved, scared, angry, helpless, counter-abusive, vengeful, impotent, defeated. You just want to roll over and die to stop the unremitting onslaught …

Also read: Tanishq Ad & the Conscience Market: Why Accept Everything Blindly?

The Mighty Tatas Should Have Known Better

But again, as every victim of troll abuse knows, it tends to pass over after a few hours or days. No, not because those brutes feel guilty or are penitent. It’s just that another juicy target appears, and the termites swerve their poison darts elsewhere, leaving you wounded and semi-conscious. Slowly, you emerge from an acutely painful haze, and begin to breathe again. Ask any victim of a troll attack, and s/he will confirm this horrible playbook.

(Photo: Erum Gour / The Quint)


So the mighty Tatas should have known better. They have survived a million upheavals over their 154 years of existence. They employ almost a million people. They are the salt of India. Their companies shovel nearly USD 125 billion in revenues every year. Just one crown jewel, TCS, is worth ten trillion rupees. The Tatas have been the epitome of corporate ethics, human values, and empowerment, their founders coming from the tiniest ethnic and religious minority of India. If anybody could have stood up to the trolls, it’s them. If anybody could line up a battery of lawyers to prosecute the devil until the day of reckoning, it’s them. If anybody could prod the State to act against the villains, it’s them. If anybody could deploy security guards and defend their stores, it’s them. But they keeled over, threw in the towel, emboldening the trolls, perhaps immeasurably.

(Photo: Erum Gour / The Quint)


Bangladesh Beats Us By Eleven Dollars; We Erupt in ‘What-Aboutery’

But Tanishq wasn’t the only itch to scratch our thin skin in the week gone by. Remember Bangladesh? That blighted, stricken land of starving millions that India had liberated from Pakistan’s pernicious custody in 1971? That destitute country chucking ‘parasitic immigrants’ at us, sucking on our prosperity? Well, India got a reality check when the average Bangladeshi upended the average Indian by eleven American dollars!

(Photo: Erum Gour / The Quint)


Yes, the IMF estimates that their per capita income this year will be USD 1888 vs our USD 1877. The ignominy got worse when you consider that in 2014, the year in which India became ‘invincible’ (in our own eyes, because nobody else was that convinced), Bangladesh trailed us by a whopping 42 percent, their per capita income a piffling USD 1118 vs our gargantuan USD 1610. Ouch! From that unassailable height, we, to whom the 21st century has been given in <i>virasat</i> (inheritance) by our deities, have been humbled by the modest Bangladeshis. Sheer blasphemy. Intolerable. Balderdash.

(Photo: Erum Gour / The Quint)


It was the perfect cue for the apologists to launch their ‘what-aboutery’. No less than the mighty GOI (Government of India) jumped in with a welter of statistics to counter the ‘myth of Bangladesh’. “In purchasing power parity (PPP), we are 11 times their size, but have only 8 times their population, so lo behold, our per capita income is USD 6284 vs their USD 5139”, our spokesmen cried out. Of course, nobody mentioned that in 2017, we had hit USD 7200 vs their USD 4200 – so we have destroyednearly one thousand dollars, while they have gainedalmost the same in per capita income in PPP terms.

(Photo: Erum Gour / The Quint)


Our Desperate Bid To Side-Step The Truth

Frankly, instead of acknowledging that Bangladesh has done a stellar job in becoming a hub of textile exports, we, as usual, want to drown the truth in bluster. Hell, we even refuse to acknowledge that those who were once at our mercy (aka Bangladeshis) today live longer, are more urbanised, fewer of their children die, they’ve managed to stabilise their population before us, and hell again, more of their women work than ours.

(Photo: Erum Gour / The Quint)


Net net, even if their eight-dollar income lead is ‘pyrrhic’, their commanding sway over us in human/social indicators is something we ought to admire, aspire for, and learn from. But hell no, our thin skin shall not allow us to be that wise. We will deny, defuse ‘what-aboutery’, and continue to tom-tom our own greatness in a desperate bid to side-step the truth.

(Photo: Erum Gour / The Quint)


Oh what a fall there is, my countrymen
How stoic and tolerant we were, once
But so shrill, so quick to offend, and oh so thin-skinned, now

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In the end guys we can all agree South Asia has to eventually come together, South Asia for centuries haven't contributed to one big idea neither have invented nearly as much as the west.

its time to empower our youth and put old teaching or religious issues aside and start dominating the world again

We are all inferior dirt bags to the west or east
 
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There are a lot of lessons in how Bangladesh did so well, for Pakistan to learn from. Just remember from where Bangladesh started to understand its success.

Pakistan had lost her way, and it is only now under Imran Khan that Pakistan has started to put together a coherent growth strategy for Pakistan, which will pay dividends in the long run.
 
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Congratulations Bangladesh. How will Bangladesh defend its newly found prosperity?
 
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