The Australian : The Rise and Rise of India as an Economic Powerhouse

[conworldus]

It amazes me that Indians still believe in protectionism. It was market reform that enabled India to grow fast originally. To grow further India needs deeper reform to open the market more. Instead, India chooses to erect trade barriers and shut itself out. Protectionism does not work, never worked, and never will.

Very useful data. It would probably illustrate better if per capita comparison is set on a percentage scale.

The thing with GDP is that it bears less relation to life quality comparing to decades ago. The US GDP, for example accounts for mortgage interest payment, legal fees, health insurance premium, etc... these transactions create virtually no value, but nonetheless are a huge part of the US GDP calculation. This is why many Americans live on paycheck to paycheck with huge debt, even though they make more money than Chinese nominally.

Interesting

Per capita income of United States is 6.38 and 3.32 times greater than of China in nominal and PPP terms, respectively. US is the 8th richest country of the world whereas China comes at 72th rank. On PPP basis, United states is at 12th position and China is at 75th

 

[Foggy_Bottom]

It amazes me that Indians still believe in protectionism. It was market reform that enabled India to grow fast originally. To grow further India needs deeper reform to open the market more. Instead, India chooses to erect trade barriers and shut itself out. Protectionism does not work, never worked, and never will.

Very useful data. It would probably illustrate better if per capita comparison is set on a percentage scale.

The thing with GDP is that it bears less relation to life quality comparing to decades ago. The US GDP, for example accounts for mortgage interest payment, legal fees, health insurance premium, etc... these transactions create virtually no value, but nonetheless are a huge part of the US GDP calculation. This is why many Americans live on paycheck to paycheck with huge debt, even though they make more money than Chinese nominally.

You are right, GDP does not relay the standard of living. That's why you 10k or so per capita for billion people versus ours nearly 65k for 300-350 mil means we live at far better standards, even so paycheck to paycheck.

 

[GumNaam]

time to wake the indians up from the aussie lollipop induced sleep...

 

[W.11]

the australian newspaper is probably getting high with smoking ganja hence ''rise and rise''

regards

 

[Juggernaut_Flat_Plane_V8]

The Indian growth story is over (lasted from 1998-99 till around 2017-18)...Unless each and every citizen fuels himself with as much enthusiasm for economic growth as he is for being anti-beef, we will not cross 5000 dollars GDP per capita nominal in my lifetime

 

[Juggernaut_Flat_Plane_V8]

The whole world cannot be economic winner. All the countries of the world cannot be economic winners..Winning and losing is still a zero sum game. Human beings are still physical creatures made of tissues,cells,molecules and atoms..They need physical stuffs..This means the only way forward is being a product based economy. The mindset and internal mental dynamics of the people of a country matter a lot. You can only be a great manufacturing superpower if you have the aspiration to being the world's best in certain sectors of the manufacturing...Even though a lot of cars are being built in Mexico, customers have started turning up their nose at them because of reliability issues..Mexico is not home to indigenous car making brands..It never developed that culture of excellence..even in Software India never became consumer facing and made a great OS,an Amazon or a Facebook,Netflix,Google etc...Unless India makes its own brands, it is doomed..Our economic success was dependent on crumbs falling off the table of rich countries. No problem even China started that way...but at one point you have to jump to the table and stake your own place for food. China is doing that right now and has built some good brands like Lenovo,Huawei etc. China is still not at South Korea level but its i getting there...remember economics is a zero sum game...if you win somebody else loses..That's the crux of the 5G war between USA and China.The moment China has something to sell that is substantially better than anything else on the planet, like Germany with its fossil fuel luxury sports cars, around a couple of billion people in other parts of the world lose out...................Remember the growth of the emerging economies happened due to the relative stagnation of the developed world since the 1973 Oil Crisis....Salaries of non-tech related jobs have stayed the same in the last 40 years in the West....again donot fall for the lie that economists feed you that everybody wins due to uninhibited trade and globalization....Economics is nothing but low level warfare....because both are extensions of the same game---a fight for survival....you may add sex and romance also to the same list

another lie of economists: unlimited growth is possible in a limited planet..In a couple of decades humanity will be coming up against the hard limits of Plantery environment that God has put in place to arrest runaway economic growth...Within a half a century to a century we would be coming up against the hard limits put in place by the Laws of Physics itself