India is now a $ 3.1 trillion economy

[Akatosh]

India is now a $ 3.1 trillion economy
Friday 07th January 2022 11:32 AM


India’s economy is expected to grow 9.2% in the current fiscal year, thanks to a robust agriculture sector and a strengthening recovery in manufacturing, construction and service sectors, but the third wave of Covid could hamper expansion in the coming months.
If the 9.2% growth is achieved, it would be the fastest growth since 1988-89, when the economy grew 9.6%. According to the new methodology, the data of which have been available for 17 years, this would be the fastest expansion.
Nominal GDP (including inflation) is estimated at 17.6%. The size of the economy based on current dollar prices is estimated at $ 3.1 trillion.
According to the World Bank, India’s GDP in current dollars rose to $ 2.9 trillion in 2019 before falling back to $ 2.7 trillion in 2020 due to the impact of Covid.
This growth rate would also help it maintain the label of the world’s fastest growing major economy. The economy recovered after the deadly impact of the toughest lockdown imposed to prevent the spread of the coronavirus caused a record 24.4% contraction in the June 2020-21 quarter.

The National Statistics Office (NSO) GDP estimates are slightly lower than those of the Reserve Bank of India (RBI) which forecast the economy to grow by 9.5%. The International Monetary Fund (IMF) also expects it to develop along similar lines.
But the third wave of the pandemic led by the Omicron variant has cast a shadow over the growth and strength of the recovery.
Several economists have lowered their GDP growth estimates for the full year and expect the restrictions unveiled by states to impact businesses and growth in the months to come.

The NSO also warned that the estimate of 9.2% GDP growth in the first advance estimates does not take into account a number of factors and that the impact of government measures could lead to revisions.
“However, these are the first projections for 2021-2022. Actual performance of various indicators, actual tax collections and expenditure incurred on subsidies in the following months, new relief measures for vulnerable sections (such as the free provision of food grains which has now been extended until March 2022) and other measures, if any, taken by the government to contain the spread of Covid-19 would impact subsequent revisions of these estimates, ”the NSO said in its statement.
“The estimate does not take into account the impact of Covid and therefore there may be a downward bias for this number
said Madan Sabnavis, chief economist at Bank of Baroda.
“Based on that number, the RBI will likely keep its previous position and not revise any of the rates. Indeed, the accommodative position will continue and the increase in the repo rate will be postponed. The possibility of lockdowns will ensure the continuation of an easy liquidity policy unless the inflation figure to be published turns out to be very high, which does not seem likely, ”Sabnavis said.

India is now a $3.1 trillion economy - Times of India

India Business News: India’s economy is forecast to grow by 9.2% in the current fiscal year helped by a robust farm sector and strengthening recovery in manufacturing, con

m.timesofindia.com

 

[Black Tornado]

India is now a $ 3.1 trillion economy
Friday 07th January 2022 11:32 AM


India’s economy is expected to grow 9.2% in the current fiscal year, thanks to a robust agriculture sector and a strengthening recovery in manufacturing, construction and service sectors, but the third wave of Covid could hamper expansion in the coming months.
If the 9.2% growth is achieved, it would be the fastest growth since 1988-89, when the economy grew 9.6%. According to the new methodology, the data of which have been available for 17 years, this would be the fastest expansion.
Nominal GDP (including inflation) is estimated at 17.6%. The size of the economy based on current dollar prices is estimated at $ 3.1 trillion.
According to the World Bank, India’s GDP in current dollars rose to $ 2.9 trillion in 2019 before falling back to $ 2.7 trillion in 2020 due to the impact of Covid.
This growth rate would also help it maintain the label of the world’s fastest growing major economy. The economy recovered after the deadly impact of the toughest lockdown imposed to prevent the spread of the coronavirus caused a record 24.4% contraction in the June 2020-21 quarter.

The National Statistics Office (NSO) GDP estimates are slightly lower than those of the Reserve Bank of India (RBI) which forecast the economy to grow by 9.5%. The International Monetary Fund (IMF) also expects it to develop along similar lines.
But the third wave of the pandemic led by the Omicron variant has cast a shadow over the growth and strength of the recovery.
Several economists have lowered their GDP growth estimates for the full year and expect the restrictions unveiled by states to impact businesses and growth in the months to come.

The NSO also warned that the estimate of 9.2% GDP growth in the first advance estimates does not take into account a number of factors and that the impact of government measures could lead to revisions.
“However, these are the first projections for 2021-2022. Actual performance of various indicators, actual tax collections and expenditure incurred on subsidies in the following months, new relief measures for vulnerable sections (such as the free provision of food grains which has now been extended until March 2022) and other measures, if any, taken by the government to contain the spread of Covid-19 would impact subsequent revisions of these estimates, ”the NSO said in its statement.
“The estimate does not take into account the impact of Covid and therefore there may be a downward bias for this number
said Madan Sabnavis, chief economist at Bank of Baroda.
“Based on that number, the RBI will likely keep its previous position and not revise any of the rates. Indeed, the accommodative position will continue and the increase in the repo rate will be postponed. The possibility of lockdowns will ensure the continuation of an easy liquidity policy unless the inflation figure to be published turns out to be very high, which does not seem likely, ”Sabnavis said.

India is now a $3.1 trillion economy - Times of India

India Business News: India’s economy is forecast to grow by 9.2% in the current fiscal year helped by a robust farm sector and strengthening recovery in manufacturing, con

m.timesofindia.com

Advance estimates, we should wait coz Omicron cases are rising so we don’t know what will happen in this final quarter.

 

[Indos]

Not yet for whole 2021, but since South Asian fiscal period doesnt start from the beginning of the year, so we dont know what will happen in the first quarter of 2022. Any thing can happen.

For 2021, nope, India is still not yet passing the 3 trillion USD mark based on latest estimate by IMF in November 2021.

 

[SD 10]

I though india is already a 3 trillion economy?

 

[Turingsage]

Advance estimates, we should wait coz Omicron cases are rising so we don’t know what will happen in this final quarter.

This habit of counting projections as actual is stupid and brings only disrepute to idiotic posters.

I though india is already a 3 trillion economy?

It is likely to be in and out of the $ 3 trillion border depending on whose figures and at what period in time is quoted. People should call it WHEN IMF , World Bank and ADB figures all concur that Indian economy is past $ 3 trillion mark and NOT depend on projections.

 

[Rollno21]

Still a long way to go for us. Considering the size and potential of our country when you consider there is a 3 trillion dollar company out there.

 

[hydrabadi_arab]

This habit of counting projections as actual is stupid and brings only disrepute to idiotic posters.


It is likely to be in and out of the $ 3 trillion border depending on whose figures and at what period in time is quoted. People should call it WHEN IMF , World Bank and ADB figures all concur that Indian economy is past $ 3 trillion mark and NOT depend on projections.

India 4th quarter end in march. We will get actual numbers few months after that. But if 9.2% doesnt change then GDP will be around $3 trillion.

Its not right now though. Wait till FY is over.

 

[N.Siddiqui]

3.1 Trillion USD nominal looks impressive in absolute terms, but when measured against a population of 1.35 billion it becomes one of the lowest in the world in per capita term.

India GDP per capita:
GDP per capita $ 2,191 (nominal; 2021 est.) $7,943 (PPP; 2022 est.)GDP per capita rank 145th (nominal; 2021)

122th (PPP; 2021)

What is China GDP nominal BTW??, touching 17 trillion USD in 2021-22, Just six times more than India...the gap has increased, with China economy earlier 5 times bigger than India to now 6 times bigger than India's, approx..

 

[faithfulguy]

India is a remittances based and IT based economy. It’s all depending on tech monkeys answering calls from America or India origin American CEOs and their lackys sending money back to India. If US end the H1B program, Indian economy will collapse. India need to build its manufacturing and domestic IT companies to continue its bragging. Otherwise, the 2030 supapowa bragging will end quicker and way before 2030 vs the 2020 bragging.

 

[Beidou2020]

India is a remittances based and IT based economy. It’s all depending on tech monkeys answering calls from America or India origin American CEOs and their lackys sending money back to India. If US end the H1B program, Indian economy will collapse. India need to build its manufacturing and domestic IT companies to continue its bragging. Otherwise, the 2030 supapowa bragging will end quicker and way before 2030 vs the 2020 bragging.

India need to stop thinking Indians getting CEO positions or management positions in big Western companies is a win for India. It is not. India need its own global companies. Why does India still rely on Facebook and other Western social media sites? India should have its world famous social media companies.

Problem with Indians is they always want the white man’s approval and crave the white man’s validation for everything. India physically gained independence, but mentally they are still colonised people.

This is why the West likes India, they just don’t respect India.

 

[Black Tornado]

India need to stop thinking Indians getting CEO positions or management positions in big Western companies is a win for India. It is not. India need its own global companies. Why does India still rely on Facebook and other Western social media sites? India should have its world famous social media companies.

Problem with Indians is they always want the white man’s approval and crave the white man’s validation for everything. India physically gained independence, but mentally they are still colonised people.

This is why the West likes India, they just don’t respect India.

How is this related to this thread? Or ya’ll can’t live without posting the same stuff again and again? The reason why we don’t have our facebook is because it we’re a free market economy and anyone can use whatever he/she wants to, we didn’t ban facebook like someone in our neighbourhood did. Plus why we don’t have such big companies is because we’re still a small economy. It’s not that all big stuff is western only here, many areas we’e doing good and many areas we’re improving. And if so government of India can easily ban all western social media apps and then the local made ones will become more widely used, but is there any advantage of that?

 

[faithfulguy]

India need to stop thinking Indians getting CEO positions or management positions in big Western companies is a win for India. It is not. India need its own global companies. Why does India still rely on Facebook and other Western social media sites? India should have its world famous social media companies.

Problem with Indians is they always want the white man’s approval and crave the white man’s validation for everything. India physically gained independence, but mentally they are still colonised people.

This is why the West likes India, they just don’t respect India.

your last sentence is an almost exact quote from Malcom X. And see how he compares India and China.


MALCOLM X: I think that Nehru probably was a good man, although I didn't go for it. I don't go for anybody who is passive. I don't go for anybody who is, who is, who advocates passivism or peaceful suffering in any form whatsoever. I don't go for it.
WARREN: What about Jesus Christ?
MALCOLM X: I go for Mao Tse-tung much more than, than Nehru because I think that Nehru brought his country up in a beggar's role. Their roles, the role of India and its reliance upon the West.
MALCOLM X: During the years since it got its supposed independence, has, has it today just as helpless and dependent as it was when it first got its independence, whereas in China, the Chinese fought for their independence. They became militant right from the out start, and todaythey're, even though they aren't loved, they are, they are respected. Though the West doesn't love them, the, the West respects them. Now, the West doesn't respect India, but it loves India.

 

[RealNapster]

Still a long way to go for us. Considering the size and potential of our country when you consider there is a 3 trillion dollar company out there.

To be frank, India should be atleast $10 trillion economy And Pakistan atleast $1 trillion in Nominal term. Anything less then that is time and resources wasted.

 

[Cheehg]

The problem is how can India create jobs for those with minimal education. Agriculture jobs cannot create much cash income to support a closed circuit economy. The three driving of economy are investment, export and consumption. Labor intensive export oriented manufacturers is the key.

 

[FuturePAF]

Advance estimates, we should wait coz Omicron cases are rising so we don’t know what will happen in this final quarter.

True, it all depends on how severely omicron effects not just India but the rest of the global supply chain and India’s export markets.

Indicators show Indian economy was growing steadily before Omicron hit

India’s economy was expanding at a steady pace in November, a month that saw the omicron variant of coronavirus induce fresh concerns about risks to the recovery. All eight high-frequency indicators tracked by Bloomberg News were steady last month, keeping the needle on a dial measuring the...

news.google.com