India in the Top 10 Economies
The World Bank has recently updated its development indicators. Among the indicators updated are the GDP figures and the per-capita figures. According to the updated numbers, India’s $691 billion economy has just overtaken South Korea to become the 10th largest economy in the world (4th largest if you consider PPP). China has moved into 7th place now with its $1.6 trillion economy. The U.S. still dominates the world economy with a 29% share.
A look at the top 10 also reveals why the G8 is an anachronism. Russia is not in there. China will probably overtake Italy in the next couple of months. Spain has a larger economy than Canada. And India ought to enter the top 8 in the next couple of years. Among developing countries, Mexico, Russia, Brazil and Turkey also feature in the top 20.
Why does India still feel like a poor country, if it is so rich? Look at the per capita income figures using U.S dollars and PPP methodologies. India does abysmally in both cases with rankings of 159 and 146 respectively, while China ranks at 132 and 119.
A look at the top 10 also reveals why the G8 is an anachronism. Russia is not in there. China will probably overtake Italy in the next couple of months. Spain has a larger economy than Canada. And India ought to enter the top 8 in the next couple of years. Among developing countries, Mexico, Russia, Brazil and Turkey also feature in the top 20.
Why does India still feel like a poor country, if it is so rich? Look at the per capita income figures using U.S dollars and PPP methodologies. India does abysmally in both cases with rankings of 159 and 146 respectively, while China ranks at 132 and 119.
