By Somali K Chakrabarti
The year 2014, has been an unprecedented year for India in terms of election results. In the last quarter of the year, here are some key facts about India’s economy.
India’s nominal GDP has been stuck in the USD 1.8 – 1.9 trillion range for the last three years, and is expected to cross the USD 2-trillion mark this fiscal, according to a Nomura report. Nomura expects nominal GDP to reach nearly USD 3 trillion by FY17.
According to a World Bank Report, published on 29th April, 2014, India overtook Japan as the world’s third largest economy in terms of purchasing power parity (PPP). Overall, India went from 10th place in 2005 to 3rd place in 2014. The The United States remains the world’s largest economy, with China closing in, when measured using PPPs.
Russia is the richest BRIC Nation, with a per capita GDP at 1/3rd of USA , whereas India’s per capita GDP is only 3% of USA’s.
According to World Bank’s International Comparison Program (ICP) figures, despite their large economies both China and India rank low in terms of per capita GDP . As per the ICP report, China ranked 99, while India stood at 127 in per capita economic output.
With 7% rise in Loan to GDP ratio since 2007, India is one of the least leveraged countries in Asia.
As per the Global Competitiveness Report 2014-2015, released by the World Economic Forum (WEF), Switzerland is the most competitive economy, followed by Singapore. India slipped from its 60th position in 2013-2014, to 71st position – the lowest among BRICS countries. India’s Competitivenesss ranking has fallen steadily since 2009 -2010, when India was at the 49th spot. In 2014, China, on the 28th spot, leads the BRICS grouping.
India slipped to the 7th position in 2014 from 5th position in 2013, in the foreign direct investment (FDI) confidence index, shows a study by AT Kearney. US takes the top spot in the FDI confidence index.
Among the BRICS (Brazil, Russia, India, China and South Africa) which are comparable emerging economies, India has the lowest female participation rate, with only 29% of women over the age of 15 working.
According to 2010 data from the United Nations Development Programme, an estimated 29.8% of Indians live below the country’s national poverty line. India is home to the largest number of poor with one-third of the world’s extreme poor living here. It also had the highest number of under-five deaths in the world in 2012, with 1.4 million children dying before reaching their fifth birthday, according to the UN Millennium Development Goals report 2014.
India, with 240 million Internet users is shortly behind the United States that has nearly 280 million internet users, whereas China leads with more than 640 million internet users. The number of Internet users in India is expected to surpass the number in the U.S. by the end of 2014.
However only around 19% population has access to internet, (as per the latest internet live stats). Since roughly 45 percent of the population lives without electricity, Internet penetration is quite low in India.
Most of the data in this post has been compiled from the Twitter timeline of Uday Tharar (@udaytharar)
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