naveen mishra
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No comparison with Indian economy! - thenews.com.pk!
LAHORE: Though the Pakistani Premier Nawaz Sharif did meet his Indian counterpart Manmohan Singh amidst controversy in New York on Sunday to restore the long-elusive peace in the region, nothing very concrete could surface to give hopes to the businessmen on either side of the border.
Interestingly, many economists have tried to compare the economies of the two over the years without realising that there is no comparison or match at all, if we look at the relevant statistics.
To quote just one example of this very sharp contrast, according to a March 21, 2013 report of the India’s widely-watched NDTV, the total Indian Software, Technology Enabled Services (ITES) and Business Process Outsourcing (BPO) exports during 2011-12 were estimated at $68.02 billion.
Now, this $68.02 billion figure of Indian software exports alone is over 2.5 times higher than Pakistan’s net export figure of around $25 billion! In 2013-14, this figure for Indian ITES and BPO exports is likely to cross the $75 billion mark.
India’s 138-year old Bombay Stock exchange is the 11th largest bourse in the world by market capitalisation as of 31 December 2012. Its market capitalisation stands at $1,263 billion, behind New York Stock Exchange ($14,085 billion), the New York City-based National Association of Securities Dealers Automated Quotations or NASDAQ ($4,582 billion), the Tokyo Stock Exchange ($3,478 billion), the London Stock Exchange ($3,396 billion), the Amsterdam-based European Electronic Stock Exchange or the Euronext ($2,930 billion), the Hong Kong Stock Exchange ($2,831 billion), the Shanghai Stock Exchange ($2,547 billion), the Toronto Stock Exchange ($2,058 billion), the Frankfurt Stock Exchange ($1,486 billion) and the Australian Stock Exchange ($1,386 billion) followed by $1,263 billion of Bombay Stock Exchange.
On the other hand, Pakistan’s Karachi Stock Exchange, having over 650 listed companies otherwise, is nowhere in sight in the list of 25 largest global bourses. The Market Capitalisation of Karachi Stock Exchange had stood at a dismal $53.3 billion approximately on May 28, 2013.
Remember, by 2030, India will become the world’s third largest economy with projected Purchasing Power Parity GDP at $13,716 billion.
According to a study conducted by the London-based multinational professional services firm, Messrs Ernst and Young, India also has the second-largest pool of scientists and engineers in the world. This report has revealed that there are 690,000 students of science and mathematics graduating every year in India, which is much higher than China, Japan, the US or Europe.
In China, the number of such graduates each year is 530,000, against 350,000 in Japan, 420,000 in the US and 470,000 in the EU.
Having set up as many as 389 universities, 14,169 colleges and 1,500 research institutions that churn out 750,000 post-graduates per annum, India also has the second largest number of trained doctors on Earth.
In fact, as the “Times of India” puts it, some 36 per cent of the scientists at the American National Aeronautics and Space Administration (NASA) are Indians by origin.India currently has 122 billionaires each with net assets of Rs5 billion and above, as of December 2012.
The number of High Net Worth individuals (HNWIs) in India is likely to more than double over the next 10 years, according to the Knight Frank Wealth Report 2013. This report ranks India on fifth position, behind United States, China, Germany and the United Kingdom only.
India’s High Net-Worth Individuals (HNWIs) with assets of $1.50 billion or more is estimated to increase to 225 billionaires in the coming decade, which would place India along with China and Japan with highest HNWIs in Asia.
Mumbai has been ranked 7th and Delhi 11th amongst 30 globally rich cities with 2,105 and 1,945 High Net-Worth Individuals respectively.For information of readers, the Knight Frank LLP is a prestigious residential and commercial property consultancy founded in London in 1896.
Knight Frank together with its New York-based affiliate Messrs Newmark Grubb Knight Frank is one of the world’s leading independent global property consultancies with a global network encompasses 244 offices and more than 7,067 employees who handle in excess of US$817 billion (£498 billion) worth of commercial, agricultural and residential real estate annually.
Although it can be argued that it is not possible to calculate the net worth of individuals in Pakistan due to a vast spread of grey economy and deliberate fudging of wealth statistics for tax evasion purposes etc, the afore-cited Knight Frank Wealth Report 2013 has estimated that the number of Pakistani individuals with net worth of US$30 million (Rs3.20 billion approximately) and above is just 368, way behind India’s figure of 8,481 in this context.
According to the latest CIA World Fact Book, the economy of India is the fourth largest in the world with a Purchasing Power Parity GDP of $4,735 billion. The IMF says it is the 3rd largest.The same source says Pakistan has the 28th largest economy in the world with a Purchasing Power Parity GDP of just $514.6 billion!
India happens to be the world’s 18th largest exporter with total exports resting at $309.1 billion, as compared to Pakistan’s figure of $24.66 billion. Pakistan is world’s 71st largest exporter.
So, one can see that the Indian export sector is miles ahead of the Pakistani industries that sell their goods abroad.On the import front, India currently happens to be 9th biggest global importer as it buys goods worth $500.3 billion from other countries.
Pakistan stands at number 61 with imports valued at $40.82 billion.As far as the GDP real growth rate, or the measure of the rate of change that a nation’s Gross Domestic Product experiences from one year to another, is concerned, India ranks 50th in the world with 5.4 per cent acceleration. Pakistan’s GDP real growth rate is just 3.7 per cent, making it stand at number 93 among the comity of nations.
The Indian external debt rests at $ 299.2 billion, making it the 30th most indebted nation.Pakistan is the 57th most indebted nation with external debt of $ 55.98 billion (according to the under review CIA World Fact Book report), though the country’s foreign debt obligations have touched the $60 billion figure due to rupee’s recent worsening parity vis-à-vis the American dollar.
India has a $256.6 billion stock of Foreign Direct Investment (FDI) at home, which helps it stand as the 21st most sought after nation by international businessmen having off-shore investments.
In Pakistan’s case, this figure of FDI at home rests at just $22.38 billion, meaning thereby that the terrorism-rocked country is the 69th most preferred destination by global investors.As far as the stock of FDI abroad is concerned, India stands at 28th position with off-shore investments worth $121.3 billion. In this regard, Pakistan stands at 72nd rank with international investments valued at $1.482 billion only.
The current value of Indian Forex and Gold reserves is $287.2 billion (10th global rank).
Pakistan has Forex and Gold reserves to the tune of $13.5 billion only or the 68th highest in the world.
Having a mammoth labour force made up of 498.4 million humans, India’s GDP per capita stands at $3,900 only or 164th highest in the world. GDP per capita of a country is calculated by dividing its Gross Domestic Product by its midyear population.
Pakistan has even worse figures as its GDP per capita is a paltry $2,900, placing it at 175th position. Pakistan, by the way, has the 10th largest labour force comprising of 60.36 million people.
Having an unemployment rate of 9.9 per cent (rank 108th), India’s budgetary revenues are estimated at $171.5 billion and its taxes and other revenues constitute 8.8 per cent of its GDP (rank 209).
In Pakistan’s case, the unemployment rate is relatively better at 5.6 per cent (rank 55th), its budgetary revenues are estimated at $29.51 billion and its taxes and other revenues constitute 12.8 per cent of its GDP (rank 201).
However, India had stood at 132nd position out of 187 countries on the gender inequality index of the United Nations Development Programme’s Human Development Report 2013, hence performing worse than Pakistan (123rd position).
The gender inequality index measures the loss in a country’s progress and human development because of gender inequality in three sectors: reproductive health, women empowerment and labour market participation.
According to CIA World Fact Book 2013, India is one of the fastest growing retail markets in the world by economic value.
The Indian retail industry is estimated to be $450 billion. It ranks second worldwide in farm output and is the largest world producer of milk, jute and pulses.
India has the world’s third largest road network, covering more than 4.3 million kilometers and carries 60 per cent freight and 87 per cent passenger traffic.
Indian Railways is the fourth largest rail network in the world, with a track length of 114,500 kilometers.
The country has a national Tele-density rate of 74.15 per cent with 926.53 million telephone subscribers. Over half of India’s population is below 25 years and by 2020, the average age of an Indian is expected to be 29 years.
According to the German global banking and financial services company, the Deutsche Bank, India’s working-age population will increase by 240 million over the next two decades.
The production of passenger vehicles in India was recorded at 3.23 million in 2012-13 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 13 per cent during 2012-2021, as per data published by Automotive Component Manufacturers Association of India.
Then, with 155,618 post offices and paying over 566,000 employees, India has the largest postal network in the world.
The country’s domestic airlines carried 20.289 million passengers during January and April 2013. Its aviation sector has attracted Foreign Direct Investment worth $449.26 million from April 2000 to March 2013.
In sharp contrast, we all know that the Pakistan international Airlines (PIA) is currently a ‘white elephant,’ being fed by the exchequer for years now.
India’s Rs77 trillion banking industry has 87 scheduled commercial banks, 26 public sector banks, 20 private banks and 41 foreign banks.
Although it doesn’t compare in any way to the flourishing Indian economy, Pakistan too has a few good things to be cited as references.
For example, according to the United Nation’s Food and Agriculture Organization, Pakistan is the largest producer of Ghee, the 2nd largest producer of Chickpeas, the 4th largest producer of Apricot, Cotton and Sugarcane, the 5th largest producer of Milk and Onion, the 6th largest producer of Date Palm, the 7th largest producer of Mango, the 8th largest producer of Tangerines, Mandarin orange and Rice, the 9th largest producer of Wheat and the 10th largest producer of Oranges.
LAHORE: Though the Pakistani Premier Nawaz Sharif did meet his Indian counterpart Manmohan Singh amidst controversy in New York on Sunday to restore the long-elusive peace in the region, nothing very concrete could surface to give hopes to the businessmen on either side of the border.
Interestingly, many economists have tried to compare the economies of the two over the years without realising that there is no comparison or match at all, if we look at the relevant statistics.
To quote just one example of this very sharp contrast, according to a March 21, 2013 report of the India’s widely-watched NDTV, the total Indian Software, Technology Enabled Services (ITES) and Business Process Outsourcing (BPO) exports during 2011-12 were estimated at $68.02 billion.
Now, this $68.02 billion figure of Indian software exports alone is over 2.5 times higher than Pakistan’s net export figure of around $25 billion! In 2013-14, this figure for Indian ITES and BPO exports is likely to cross the $75 billion mark.
India’s 138-year old Bombay Stock exchange is the 11th largest bourse in the world by market capitalisation as of 31 December 2012. Its market capitalisation stands at $1,263 billion, behind New York Stock Exchange ($14,085 billion), the New York City-based National Association of Securities Dealers Automated Quotations or NASDAQ ($4,582 billion), the Tokyo Stock Exchange ($3,478 billion), the London Stock Exchange ($3,396 billion), the Amsterdam-based European Electronic Stock Exchange or the Euronext ($2,930 billion), the Hong Kong Stock Exchange ($2,831 billion), the Shanghai Stock Exchange ($2,547 billion), the Toronto Stock Exchange ($2,058 billion), the Frankfurt Stock Exchange ($1,486 billion) and the Australian Stock Exchange ($1,386 billion) followed by $1,263 billion of Bombay Stock Exchange.
On the other hand, Pakistan’s Karachi Stock Exchange, having over 650 listed companies otherwise, is nowhere in sight in the list of 25 largest global bourses. The Market Capitalisation of Karachi Stock Exchange had stood at a dismal $53.3 billion approximately on May 28, 2013.
Remember, by 2030, India will become the world’s third largest economy with projected Purchasing Power Parity GDP at $13,716 billion.
According to a study conducted by the London-based multinational professional services firm, Messrs Ernst and Young, India also has the second-largest pool of scientists and engineers in the world. This report has revealed that there are 690,000 students of science and mathematics graduating every year in India, which is much higher than China, Japan, the US or Europe.
In China, the number of such graduates each year is 530,000, against 350,000 in Japan, 420,000 in the US and 470,000 in the EU.
Having set up as many as 389 universities, 14,169 colleges and 1,500 research institutions that churn out 750,000 post-graduates per annum, India also has the second largest number of trained doctors on Earth.
In fact, as the “Times of India” puts it, some 36 per cent of the scientists at the American National Aeronautics and Space Administration (NASA) are Indians by origin.India currently has 122 billionaires each with net assets of Rs5 billion and above, as of December 2012.
The number of High Net Worth individuals (HNWIs) in India is likely to more than double over the next 10 years, according to the Knight Frank Wealth Report 2013. This report ranks India on fifth position, behind United States, China, Germany and the United Kingdom only.
India’s High Net-Worth Individuals (HNWIs) with assets of $1.50 billion or more is estimated to increase to 225 billionaires in the coming decade, which would place India along with China and Japan with highest HNWIs in Asia.
Mumbai has been ranked 7th and Delhi 11th amongst 30 globally rich cities with 2,105 and 1,945 High Net-Worth Individuals respectively.For information of readers, the Knight Frank LLP is a prestigious residential and commercial property consultancy founded in London in 1896.
Knight Frank together with its New York-based affiliate Messrs Newmark Grubb Knight Frank is one of the world’s leading independent global property consultancies with a global network encompasses 244 offices and more than 7,067 employees who handle in excess of US$817 billion (£498 billion) worth of commercial, agricultural and residential real estate annually.
Although it can be argued that it is not possible to calculate the net worth of individuals in Pakistan due to a vast spread of grey economy and deliberate fudging of wealth statistics for tax evasion purposes etc, the afore-cited Knight Frank Wealth Report 2013 has estimated that the number of Pakistani individuals with net worth of US$30 million (Rs3.20 billion approximately) and above is just 368, way behind India’s figure of 8,481 in this context.
According to the latest CIA World Fact Book, the economy of India is the fourth largest in the world with a Purchasing Power Parity GDP of $4,735 billion. The IMF says it is the 3rd largest.The same source says Pakistan has the 28th largest economy in the world with a Purchasing Power Parity GDP of just $514.6 billion!
India happens to be the world’s 18th largest exporter with total exports resting at $309.1 billion, as compared to Pakistan’s figure of $24.66 billion. Pakistan is world’s 71st largest exporter.
So, one can see that the Indian export sector is miles ahead of the Pakistani industries that sell their goods abroad.On the import front, India currently happens to be 9th biggest global importer as it buys goods worth $500.3 billion from other countries.
Pakistan stands at number 61 with imports valued at $40.82 billion.As far as the GDP real growth rate, or the measure of the rate of change that a nation’s Gross Domestic Product experiences from one year to another, is concerned, India ranks 50th in the world with 5.4 per cent acceleration. Pakistan’s GDP real growth rate is just 3.7 per cent, making it stand at number 93 among the comity of nations.
The Indian external debt rests at $ 299.2 billion, making it the 30th most indebted nation.Pakistan is the 57th most indebted nation with external debt of $ 55.98 billion (according to the under review CIA World Fact Book report), though the country’s foreign debt obligations have touched the $60 billion figure due to rupee’s recent worsening parity vis-à-vis the American dollar.
India has a $256.6 billion stock of Foreign Direct Investment (FDI) at home, which helps it stand as the 21st most sought after nation by international businessmen having off-shore investments.
In Pakistan’s case, this figure of FDI at home rests at just $22.38 billion, meaning thereby that the terrorism-rocked country is the 69th most preferred destination by global investors.As far as the stock of FDI abroad is concerned, India stands at 28th position with off-shore investments worth $121.3 billion. In this regard, Pakistan stands at 72nd rank with international investments valued at $1.482 billion only.
The current value of Indian Forex and Gold reserves is $287.2 billion (10th global rank).
Pakistan has Forex and Gold reserves to the tune of $13.5 billion only or the 68th highest in the world.
Having a mammoth labour force made up of 498.4 million humans, India’s GDP per capita stands at $3,900 only or 164th highest in the world. GDP per capita of a country is calculated by dividing its Gross Domestic Product by its midyear population.
Pakistan has even worse figures as its GDP per capita is a paltry $2,900, placing it at 175th position. Pakistan, by the way, has the 10th largest labour force comprising of 60.36 million people.
Having an unemployment rate of 9.9 per cent (rank 108th), India’s budgetary revenues are estimated at $171.5 billion and its taxes and other revenues constitute 8.8 per cent of its GDP (rank 209).
In Pakistan’s case, the unemployment rate is relatively better at 5.6 per cent (rank 55th), its budgetary revenues are estimated at $29.51 billion and its taxes and other revenues constitute 12.8 per cent of its GDP (rank 201).
However, India had stood at 132nd position out of 187 countries on the gender inequality index of the United Nations Development Programme’s Human Development Report 2013, hence performing worse than Pakistan (123rd position).
The gender inequality index measures the loss in a country’s progress and human development because of gender inequality in three sectors: reproductive health, women empowerment and labour market participation.
According to CIA World Fact Book 2013, India is one of the fastest growing retail markets in the world by economic value.
The Indian retail industry is estimated to be $450 billion. It ranks second worldwide in farm output and is the largest world producer of milk, jute and pulses.
India has the world’s third largest road network, covering more than 4.3 million kilometers and carries 60 per cent freight and 87 per cent passenger traffic.
Indian Railways is the fourth largest rail network in the world, with a track length of 114,500 kilometers.
The country has a national Tele-density rate of 74.15 per cent with 926.53 million telephone subscribers. Over half of India’s population is below 25 years and by 2020, the average age of an Indian is expected to be 29 years.
According to the German global banking and financial services company, the Deutsche Bank, India’s working-age population will increase by 240 million over the next two decades.
The production of passenger vehicles in India was recorded at 3.23 million in 2012-13 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 13 per cent during 2012-2021, as per data published by Automotive Component Manufacturers Association of India.
Then, with 155,618 post offices and paying over 566,000 employees, India has the largest postal network in the world.
The country’s domestic airlines carried 20.289 million passengers during January and April 2013. Its aviation sector has attracted Foreign Direct Investment worth $449.26 million from April 2000 to March 2013.
In sharp contrast, we all know that the Pakistan international Airlines (PIA) is currently a ‘white elephant,’ being fed by the exchequer for years now.
India’s Rs77 trillion banking industry has 87 scheduled commercial banks, 26 public sector banks, 20 private banks and 41 foreign banks.
Although it doesn’t compare in any way to the flourishing Indian economy, Pakistan too has a few good things to be cited as references.
For example, according to the United Nation’s Food and Agriculture Organization, Pakistan is the largest producer of Ghee, the 2nd largest producer of Chickpeas, the 4th largest producer of Apricot, Cotton and Sugarcane, the 5th largest producer of Milk and Onion, the 6th largest producer of Date Palm, the 7th largest producer of Mango, the 8th largest producer of Tangerines, Mandarin orange and Rice, the 9th largest producer of Wheat and the 10th largest producer of Oranges.
