GDP per capita growth of India: Even Bangladesh ahead of India now
India is currently the 5th largest economy in the world[1] and is poised to become a 5 trillion dollar economy in the next 3 years BUT
GDP per capita of India is ranked at a lowly 128 in the world, based on purchasing power parity (PPP)[2]
India is not only behind the more developed economies but also behind neighboring nations such as China, Bhutan, Bangladesh, Vietnam and Sri Lanka [3]
¶ Comparison with G7 and BRICS countries[4]
¶ Comparison with Neighbour countries[3:1][5]
Bangladesh achieved much faster GDP per capita growth than India in the past decade and overtook India in 2018[5:1]
¶ Case of slowing growth
While India is still globally one of the fastest growing economies, it has seen a significant slowdown in terms of percentage growth under the current regime as compared to the previous Manmohan Singh government.
India's GDP per capita grew only by 66% between 2014-2022
as compared to 164% growth in 2004-2013 despite a slowing population growth
GDP & GDP per capita comparison between 2004-2022
| Metric | 2004 | 2013 | % growth (2004-2013) | 2022 | % growth (2014-2022) |
|---|---|---|---|---|---|
| GDP (in bn US $) [6] | 607.70B | 1,856.72B | 205.5% | 3,385.09 | 82.3% |
| GDP Per capita[6:1] | 544$ | 1438$ | 164.3% | 2389$ | 66.13% |
| Population (in crores)[7] | 111.7 | 129.1 | 15.6% | 141.7 | 9.8% |
¶ Growth only of the Rich
The fruits of India's growth story has been enjoyed only by a select few the gap between the rich and poor in India has consistenly widened over the past decade.
From 2012 to 2021, 40 percent of the wealth created in India has gone to just one percent of the population and only a mere 3 percent of the wealth has gone to the bottom 50 percent[8]
- Bottom 60% of the households by income in India have seen negative income growth (More details - AAP Wiki: Rich getting richer, Poor getting poorer in India)
- Reversing decades old trend, number of hungry in India increased to 350 million in 2022 from 190 million in 2018 (More details - AAP Wiki: Rise in Hungry Indians)
References:
https://www.forbesindia.com/article/explainers/gdp-india/85337/1 ↩︎
https://statisticstimes.com/economy/country/india-gdp-per-capita.php ↩︎
https://data.worldbank.org/indicator/NY.GDP.PCAP.CD?contextual=default&end=2022&locations=BD-IN-CN-LK-VN-BT&start=2022&view=bar ↩︎ ↩︎
https://www.statista.com/chart/30641/gdp-per-capita-in-brics-and-g7-countries/ ↩︎
https://data.worldbank.org/indicator/NY.GDP.PCAP.CD?end=2022&locations=BD-IN&start=2014 ↩︎ ↩︎
https://www.macrotrends.net/countries/IND/india/gdp-gross-domestic-product ↩︎ ↩︎
https://www.macrotrends.net/countries/IND/india/population ↩︎
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