7th July 2015.
World Bank reported last week that India's economy had reached $2 trillion, in the financial year 2014. There are only 9 countries in the world having economy size $2 trillion and over, including India. How does India compare to other indicators of remaining 8 countries in the list? Let's take look at Education or Literacy rate. All eight countries have literacy rate of 92% or higher. India's literacy rate is 74%. Even this rate is not reliable as the standards of measuring literacy rate in India is sub-standard.
I will not discuss three things. Firstly, GDP in PPP method. Most economists have criticized the PPP method of comparing nations is un-scientific. China refused to be part of World Bank's International Comparison Program since 2011. Secondly, per capita is also not discussed because the Indian economy is govt-centric. India's government spending is about 50% of the India's GDP. Most developed country's government spending do not exceed 17% of their GDP, during peace time. They exceed this only during war time. Comparing per capita of India with other nations is muddy waters.
Thirdly, I do not subscribe India's fiscal deficit numbers portrayed in India's budget documents, they are considered as 'holy' in India. But, these documents are anything but holy!
So, how else India's development could be gauged/measured with unreliable data, un-scientific nomenclature and non-objective indicators?
How about most ambient and decorated indicator, "poverty rate"? Well, worldwide two major distinguished bodies report India's Poverty rate. 1. United Nations. 2. World Bank, and thirdly Indian Government's version of poverty rate. All these poverty rates have varying measures. Again, I'm confused as to which one is more accurate. This becomes un-scientific numbers among other indicators I discussed earlier.
Well, I am perplexed as to when will India even reach a point comparable to other nations, let alone becoming a super power or developed nation as many dream!?
To me, the $2 trillion milestone is yet just another number. Nothing matters to every Indian. Nothing is here to brag about!. It only reminds the hard work ahead for young nation India!. It has decades of steadfast developmental needs ahead in its journey!. People's life would not change much until such time!
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Thank you for reading.~~~~~~~~~~~~~~~~~~~~~~~
World Bank reported last week that India's economy had reached $2 trillion, in the financial year 2014. There are only 9 countries in the world having economy size $2 trillion and over, including India. How does India compare to other indicators of remaining 8 countries in the list? Let's take look at Education or Literacy rate. All eight countries have literacy rate of 92% or higher. India's literacy rate is 74%. Even this rate is not reliable as the standards of measuring literacy rate in India is sub-standard.
I will not discuss three things. Firstly, GDP in PPP method. Most economists have criticized the PPP method of comparing nations is un-scientific. China refused to be part of World Bank's International Comparison Program since 2011. Secondly, per capita is also not discussed because the Indian economy is govt-centric. India's government spending is about 50% of the India's GDP. Most developed country's government spending do not exceed 17% of their GDP, during peace time. They exceed this only during war time. Comparing per capita of India with other nations is muddy waters.
Thirdly, I do not subscribe India's fiscal deficit numbers portrayed in India's budget documents, they are considered as 'holy' in India. But, these documents are anything but holy!
So, how else India's development could be gauged/measured with unreliable data, un-scientific nomenclature and non-objective indicators?
How about most ambient and decorated indicator, "poverty rate"? Well, worldwide two major distinguished bodies report India's Poverty rate. 1. United Nations. 2. World Bank, and thirdly Indian Government's version of poverty rate. All these poverty rates have varying measures. Again, I'm confused as to which one is more accurate. This becomes un-scientific numbers among other indicators I discussed earlier.
Well, I am perplexed as to when will India even reach a point comparable to other nations, let alone becoming a super power or developed nation as many dream!?
To me, the $2 trillion milestone is yet just another number. Nothing matters to every Indian. Nothing is here to brag about!. It only reminds the hard work ahead for young nation India!. It has decades of steadfast developmental needs ahead in its journey!. People's life would not change much until such time!
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Thank you for reading.~~~~~~~~~~~~~~~~~~~~~~~
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