India is now a $ 3.1 trillion economy

[Deltadart]

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

So does it mean that every pajeet in the world will rush back to the land of gao muter to be part of this glorious economy and old vedic culture now?

 

[faithfulguy]

India received remittences of $ 87billion in 2021. That's just about 2.8% of India's GDP. Why people post something without even checking in google and end up looking like a complete idiot?

Even IT is about 6% of total GDP. People just keep posting shit on internet because there's no penalty to post shit.

you are right, India is a factor driven subsistence economy. No different than the poorest or even war torn country such as Congo or Haiti. But what differentiate India from these countries is remittance and IT sector.

So when I say that India is a remittance based economy, Im actually complementing India. And thus the H1B program in the US is the biggest engine for India’s growth. As an Indian, you should be proud of your remittance economy, as you guys are proud of Indian born American CEOs.

 

[Leishangthem]

You questioned the validity of WB, but never provided an argument against it. Countries can declare, but other nations can challenge that statement. It's also important to note that a state of the country is more represented by PPP per capita and not GNI per capita. Since most of the trade happens inland, using PPP per capita is more apt. For China, 4/5th of their GDP is due to trade and services within the country, and only less than 20% is dependent on exports. Considering this I fail to understand why you argue that China is not on the verge of being a developed economy.

where did I question the validity of WB? those two are totally different institutions with no overlapping policies on the said matter. Other dishonest states can challenge in very stupid manner the developing status of a 1.4b nation with mere 12k per capita stats,China has all the rights to refuse that like S.Korea did till they had reached actually close to real developed nation in overall wealth per capita.

 

[Stranagor]

where did I question the validity of WB? those two are totally different institutions with no overlapping policies on the said matter. Other dishonest states can challenge in very stupid manner the developing status of a 1.4b nation with mere 12k per capita stats,China has all the rights to refuse that like S.Korea did till they had reached actually close to real developed nation in overall wealth per capita.

Indeed. It is the nations themselves to decide. International institutions can only provide benefits to be in one group or another. Or, states themselves can put pressure. Of course, countries like India are extremely feather-weight, so they can dictate nothing. But a country like the US can threaten a country like SK. But, even the US cannot frown upon China. It only needs to patiently wait till China gets 30K GDP threshold. Then, I believe, China may start considering the merits of a developed country status.

Good infrastructure does not cut it. Good infra can help by only expediting GDP growth. Key is GDP per capita.

 

[FairAndUnbiased]

That's nothing China received $33 billion in remittances in 2015.
The Chinese and their Pakistani boot polishers will insist they receive nothing in remittances

$0.033 trillion (33 billion) of remittance for a $17 trillion USD economy is nothing.

 

[faithfulguy]

$0.033 trillion (33 billion) of remittance for a $17 trillion USD economy is nothing.

33 billion for China is more than I expect. As Chinese are not known to gun for CEO of western tech giants. There are Chinese that started their companies and become CEOs. But they generally do not lick boots to achieve CEO position, unlike the Indians.

This is due to the fact that Indians kissed their British masters‘s behind to gain independence. So all they know is servitude to the west. And they measure themselves and other non westerners by how faithful they serve. This is why India never really achieved independence, as it still has the mind of the western servant. They are independent in name only.

 

[silverox]

I can suggest to India, but I know India can't follow my suggestions.

India should to prohibit Amazon, YouTube and Twitter, Facebook, Google ETC

China is doing so, prohibiting US high-tech companies, especially social media companies, India can cultivate their own domestic high-tech giants, then India can go to the United States high-tech company competition

 

[applesauce]

I can suggest to India, but I know India can't follow my suggestions.

India should to prohibit Amazon, YouTube and Twitter, Facebook, Google ETC

China is doing so, prohibiting US high-tech companies, especially social media companies, India can cultivate their own domestic high-tech giants, then India can go to the United States high-tech company competition

china didnt prohibit them.

China asked them to follow the same laws that the chinese companies have to follow. they choose not to follow the laws and left the country of their own accord.

 

[Paul2]

33 billion for China is more than I expect. As Chinese are not known to gun for CEO of western tech giants. There are Chinese that started their companies and become CEOs. But they generally do not lick boots to achieve CEO position, unlike the Indians.

This is due to the fact that Indians kissed their British masters‘s behind to gain independence. So all they know is servitude to the west. And they measure themselves and other non westerners by how faithful they serve. This is why India never really achieved independence, as it still has the mind of the western servant. They are independent in name only.

If a Chinese CEO goes to the West, he will not be sending his money back home. No high incomer Chinese been coming to the West with intention to work for remittances for like a decade or more.

If an engineer making $5000 per month in China moves to the West, he will only go for that with a relocation package, at least double the salary, and full intention to stay there, have white chicken every day, live like a king, and bathe in Champagne, no less.

 

[Beast]

If a Chinese CEO goes to the West, he will not be sending his money back home. No high incomer Chinese been coming to the West with intention to work for remittances for like a decade or more.

If an engineer making $5000 per month in China moves to the West, he will only go for that with a relocation package, at least double the salary, and full intention to stay there, have white chicken every day, live like a king, and bathe in Champagne, no less.

But the Chinese CEO working in the west will Invest hundred millions in China as property and stocks

 

[silverox]

china didnt prohibit them.

China asked them to follow the same laws that the chinese companies have to follow. they choose not to follow the laws and left the country of their own accord.

In fact, it is forbidden, we have to use VPN

 

[applesauce]

In fact, it is forbidden, we have to use VPN

the external sites are banned, im talking about operating a inside china site. they choose to not do that.

 

[casual]

3.1trillion isn't what it used to be due to dollar inflation.

But anyways, congratulations India. It took long enough.