China is the world's second-largest economy, after the United States.
India's share in the world gross domestic product (GDP) has increased from around three per cent in 1990 (at purchasing power parity-adjusted exchange rates) to around five per cent now, making it one of the fastest-growing economies in the world in recent years.
Petrol costs less than a dollar in the OPEC region.
Petrol prices in India are amongst the highest in the world.
India is better positioned to face external shocks emanating from increasing geopolitical tensions, the aftermath of the COVID pandemic and the inevitability of climate change, Reserve Bank Deputy Governor Michael Debabrata Patra said on Monday. Relative to macroeconomic configurations in 2013 when India was described as one of the fragile five countries, he said, "India is better positioned currently, as its macroeconomic fundamentals have improved significantly, and external sector indicators point to the availability of enough cushions to manage external shocks." He was speaking at a conference on 'Growth And Development in the BRICS Economies' organised by the Delhi School of Economics (DSE) and the Indian Statistical Institute (ISI).
India is the fastest growing economy after China, and is the fourth largest economy in purchasing power parity terms in the world, but lags neighbouring least developed countries like Bangladesh, Bhutan and Nepal in terms of various social indicators.
The World Bank has pegged Indian economic growth to take over Chinese by 2012 on purchasing power parity (PPP) basis, but New Delhi has played down the projection by the multi-lateral agency saying the country is not in race with anyone.
India with a per capita GDP of $3,015 has one of the lowest ranks at 127, according to the IMF.
James Laurence Balsillie, founder and co-chief executive officer of Research in Motion, feels that in the next 20 years, India will reach the developed nation status with $20,000 per capita income in terms of purchasing power parity.
The International Monetary Fund has reduced India's contribution to world gross domestic product in purchasing power parity terms to 4.6 per cent in 2007 from the earlier estimate of 6.4 per cent.
China would be an influential player in the bank
The economies of China and India are 40 per cent smaller than previously thought, according to new estimates published by the World Bank this week.
The company's Indian operations are currently growing at 8 per cent and eight out of its 10 top products are market leaders in their respective segments.
India's 9 per cent GDP growth may not mean much for the masses, going by an ADB study which says India is ranked 17 among 23 when economies are compared based on a measure of people's economic well-being.
India also happens to be the most richly endowed agricultural nation in Asia having 169 million hectares of arable land, accounting for one-tenth of the world's arable land and a fifth of the world's irrigated land at 56 million hectares with a coastline extending to 8000 km and vast marine wealth. India is the 10th most industrialised country and fourth largest economy in terms of purchasing power parity with its GDP projected to grow at nearly 8 per cent in 2006-07.
India and China account for 64 per cent of GDP in 23 Asian countries included in a study but rank quite low when it comes to benefits percolating to their people.
India has retained its position as the fourth largest economy in the world on the basis of Purchasing Power Parity, behind the United States, China and Japan.
The spending on a typical RT-PCR test would take up 23 per cent of the monthly income of an average Indian, compared to 2 per cent in China. This is one of the deepest cuts in the pocket of an individual, in comparison to 14 other countries, reports Abhishek Waghmare.
India's public debt ratio, which remarkably remained stable at around 70 per cent of the GDP since 1991, is projected to jump by 17 percentage points to nearly 90 per cent because of increase in public spending due to COVID-19, the IMF said.
Even as both India and the world struggle to re-build after COVID-19, they face slow-burn problems that could develop into full-blown crises, observes T N Ninan.
'India is ahead only of Pakistan in the amount spent on each soldier a year.' 'The Indian military is a manpower-heavy throng that is poorly armed, equipped, and trained,' observes Ajai Shukla.
BRICS countries, including India, on Thursday voiced concern over the "fragile recovery" of global growth and the potential spillover effects from the "unconventional monetary policies" of the developed countries.
Bangladesh might overtake India this year by per capita income in nominal dollars, but it is not yet close to becoming South Asia's economic powerhouse anytime soon, T N Ninan points out.
Prime Minister Narendra Modi on Sunday termed the BRICS as 'Building Responsive, Inclusive and Collective Solutions'.
'Imagine China pursuing its aims in Jammu and Kashmir by using Pakistani and now Afghan proxies.'
The US is likely to have per capita GDP of $57,455, about 20 times India's, indicative of how far India will stand in about a decade.
By 2013, the Chinese economy had become 2.7 times India's.
Inaugurating the first Engineers Conclave, 2013, Pranab Mukherjee said it is happening at a time when the world is beginning to emerge from the global economic crisis.
India also fares poorly on maternal mortality rate.
You will be part of fastest growing major global economy, India's ambassador to the US Harsh Vardhan Shringala told young American students.
'No matter how many government schemes there are for the poor, the system works more for the privileged, less for the little guy,' notes T N Ninan.
The Global Peace Index 2017, by the Institute of Economics and Peace found that the global level of peace slightly improved, by 0.28 per cent in score. A total of 93 countries improved, while 68 countries deteriorated.
'The Mumbai-Pune Olympics will be help shift the country's gaze to a region that denotes a new formula for sports, enterprise, and nation building,' argues Shashank Mani Tripathi.
'As for tricky relations with China, India needs less of summitry type event management and more anticipatory analysis and management of events,' says Ambassador Jaimini Bhagwati.
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