India On Track To Knock Britain Out Of World's Top 5 Economies

[I S I]

India Stronk

 

[Fireurimagination]

Exactly. But even though demonetization was a good idea, it's execution was terrible. Anyways, it is done and I hope it will prove effective. But there's still a lot to do.

True but demonetization couldn't have been less painful, sucking out 86% of liquidity in market overnight that to maintaining complete secrecy and replacing the same was a massive massive exercise. One more thing India should do is to increase exports and decrease imports (especially oil) on a large scale.

 

[Vazir]

Any think can happen and look at projections, though such long projections cannot accurately predicated

http://www.pwc.com/world2050

I'm still a skeptic. China? Maybe. But crossing the US is hard especially if the oil doesn't run out [emoji14]

 

[Vazir]

True but demonetization couldn't have been less painful, sucking out 86% of liquidity in market overnight that to maintaining complete secrecy and replacing the same was a massive massive exercise. One more thing India should do is to increase exports and decrease imports (especially oil) on a large scale.

Not that large of a scale. They should do it slowly. After making the push in economy that is needed to get people good jobs and income, start producing electric cars at home that are cheaper, and start increasing taxes on cars with large CO2 emmisions. Start building more nuclear power projects (Germany can help you there) even though they are very costly, their long term benefits are worth it.

 

[Mr.Nair]

I'm still a skeptic. China? Maybe. But crossing the US is hard especially if the oil doesn't run out [emoji14]

US growing around 2% for many years and neither any projection above 5% in any time soon or later.But replacing US by India is unlikely for coming few decades.India will remain 3rd largest economy for few decades after being at No.3 position in a decade overtaking Japan.

 

[Surya 1]

By largest economies you mean GDP nominal, right? Well, I hate to day it, but economies are defined more broadly. Think in terms of GDP PPP, GDP per capita, GNP, FDI, HDI, and GDP growth rate (the last one is for 2nd and 3rd World Countries only). These are just a few of the many, many indicators.

Actually nominal DGP is not the correct measure of GDP as you said. If I have one USD in my pocket, I can not have even one coffee but India or Pakistan, I can jave a lunch form 1 USD. So what matters is the Economy's valuation in purchasing power and not its valuation in any other currency.

 

[Vazir]

US growing around 2% for many years and neither any projection above 5% in any time soon or later.But replacing US by India is unlikely for coming few decades.India will remain 3rd largest economy for few decades after being at No.3 position in a decade overtaking Japan.

When India starts coming near US, they will have the same rates. 2% for US means that there isn't room for even greater GDP anymore. Hence, no room for GDP growth rate anymore. The same will happen with India and anyone who gets to that stage.

 

[Vazir]

Actually nominal DGP is not the correct measure of GDP as you said. If I have one USD in my pocket, I can not have even one coffee but India or Pakistan, I can jave a lunch form 1 USD. So what matters is the Economy's valuation in purchasing power and not its valuation in any other currency.

That is what I said. GDP nominal is not the only scale to be measuring on

 

[Mr.Nair]

When India starts coming near US, they will have the same rates. 2% for US means that there isn't room for even greater GDP anymore. Hence, no room for GDP growth rate anymore. The same will happen with India and anyone who gets to that stage.

I feel India will remain comfortable for being No.3 position,rather thinking to consider overtaking US.

 

[Surya 1]

That is what I said. GDP nominal is not the only scale to be measuring on

Actually All subcontinent currencies are highly undervalued. INR is undervalued almost 3.8 times and this figures gives a whole lots of wrong information and povert figures and lot more. Correction in th esubcontinent currencies are highly warranted.

 

[Vazir]

I feel India will remain comfortable for being No.3 position,rather thinking to consider overtaking US.

Yeah. Basically what you needed from 2003 was the following: resources (check), FDI (check) closed tax loopholes, capital owned by boys in home invested in home (can be improved) and concrete reforms (can also be improved).

 

[Mr.Nair]

When India starts coming near US, they will have the same rates. 2% for US means that there isn't room for even greater GDP anymore. Hence, no room for GDP growth rate anymore. The same will happen with India and anyone who gets to that stage.

There are lot of kee parameters which India is above even US:-

1. Cement production
2. Steel production
3. Coal production
4. Infrastructure improvement in rail sector especially in metro cities
5. Rice,wheat and many agricultural production
6. Improvement in growth of smart phones,internet connectivity,face book,whatsapp(social media users) etc
7. Increase in youth population(Increase in productivity) compared ageing population
.....

 

[AndrewJin]

There is a long way to go for any developing country especially for those with considerable population.

 

[Mr.Nair]

It's sad that many major economies including some in asia are in downward trend and goes down and down every year....

 

[samsara]

UK was better shape compared to other european economies. Now India is about to overtake UK, great

India will overtake Germany in 2022 as the world’s fourth-largest economy and push Britain out of the top five, based on analysis of growth projections by the International Monetary Fund

@The Accountant @MastanKhan @RiazHaq @Areesh @patentneer @IceCold @LA se Karachi @TheCamelGuy @KAL-EL @Mrc @Natan @T-Rex @SecularNationalist @samsara @GraveDigger388

View attachment 393499

India will be around 3 trillion dollar economy by 2019

@Malik Alashter @HAKIKAT @Qazi Muhammad Kamran @Lahore_PAF @Moonlight @Doyalbaba @Little Falcon @Khanate @Thorough Pro @2800 @Madali @KediKesenFare @Maxpane

Good luck!

If it's realized then India will just retake its position at a couple of centuries ago... before the British colonization! Btw I don't follow the contemporary Indian economy so I can't comment.

Angus Maddison 1926 - 2010
Angus Maddison was a world scholar on quantitative macroeconomic history, including the measurement and analysis of economic growth and development. He was professor at the University of Groningen from 1978 to 1997, and a founder of the Groningen Growth and Development Centre. This website provides access to major parts of Angus' work as well as to new work that is being conducted in his spirit.

'Original Homepage Angus Maddison': this page was kept up to date until Angus passed away in April 2010. It provides access to his latest writings and data series. The final update of the original dataset was in 2009.
http://www.ggdc.net/maddison/oriindex.htm

The 'Maddison Project': in March 2010 the Maddison Project was launched by a group scholars with the aim to support an effective way of cooperation between scholars to continue Maddison's work on measuring economic performance for different regions, time periods and subtopics.
http://www.ggdc.net/maddison/maddison-project/home.htm

In Memoriam
Angus Maddison: Memories of the Life of a Chiffrephile
http://www.ggdc.net/maddison/Personal/In Memoriam.pdf

By Bart van Ark
The following article is published in The Economist about Angus Maddison's life and work.
http://www.economist.com/node/16004937?story_id=16004937

Share of world GDP throughout history
https://infogr.am/Share-of-world-GDP-throughout-history

Since 1AD until today the world's changed quite a lot. But until 1700AD the balance of wealth hadn't. For the past two centuries the share of the world's GDP has shifted to the west to Europe through imperialism, and technological innovation. With the rise of China that's changing again and this infographic explores the story of balance and unbalance in the world economy courtesy of the data from the Maddison Project (http://www.ggdc.net/maddison/maddison-project/home.htm).

The video below shows how the balance has changed across the whole world. There's lots to note here: the steep decline of India in comparison to China in the 19th century, and the emergence of European nations and America as the wealth generators of the world. The maps can be explored at your leisure here:
http://public.tableausoftware.com/views/WorldGDPsharebyallcountries/GDPShare1AD

10 - Number of countries left uncolonised by Western Imperialism.

The 19th century appears to be the key juncture when China and India declined and the West rose. Imperialism appears to be the most obvious answer given that before China was 'opened' in 1842 in the first Opium war, it had its greatest share of world wealth. Within a century of these interventions China went from 32% of the world's GDP to just under 5%.

Graphic: Percentage of World GDP from Year 1700 to 2008 (Line)

Graphic: Percentage of World GDP from Year 1700 to 2008 (Area)

In the graphic below, the area for each country represents the share of the world's wealth. The rise in the share of wealth by the US and Europe is of similar proportion to the decline in wealth of India and China. The total area shown represents the amount of wealth that the seven selected countries have collectively. Note the decline of collective wealth in the last century as the rest of the world has begun to take a greater share of the global economy.

Amartya Sen offers one reason for why India has not caught up to China's level of wealth: lack of investment in basic education and health infrastructures:

Why is China ahead of India? One answer is that India has paid inadequate attention to the lessons of Asian economic development, which gives a crucial role to the rapid expansion of human capability as a part of pursuing fast economic growth. A critical part of that strategy has been the use of public revenue, itself expanded by economic growth, to remove huge deficiencies in social, educational and health services, and to meet the growing demands of social and physical infrastructure, while making public services more accountable and efficiently organized. ~ Amartya Sen, Indian Economist (21/06/13)​

Share of world GDP 1AD to 2008AD