look news india
New Delhi: India has taken a huge leap from being among the five weakest economies in the world due to the economic reforms undertaken by the government in the last 10 years. Additionally, IMF data analysis shows that the country's relative performance compared to its competitors has also improved.
An increase in GDP per capita also means that people's standard of living is increasing, because everyone has more money to spend. IMF data shows that India's per capita GDP in 2004 was $635, which is 35 percent of the average per capita GDP of $1,790 for the 150 countries listed as 'emerging market and developing economies' by the multilateral financial institution. These peer countries include China, Russia, Brazil and parts of South America, Africa, the Middle East and Eastern Europe.
A news agency reported that this figure of 35 percent had fallen to 30 percent by 2014, indicating that India has become relatively poor compared to these 150 better performing countries. However, according to IANS data, this proportion has increased from 30 percent in 2014 to 37 percent in 2019. India's per capita GDP is projected to grow to $2,850 in 2024, 42 percent of the $6,770 for its peers. This means that the gap has narrowed as India's economic performance has outpaced other emerging economies over the past 10 years.
IMF data also shows that in 2004, the size of India's economy was 37 percent of China's, but by 2014 it declined to only 19 percent, as China was achieving much higher growth rates. However, with the Indian economy growing much faster than China, the situation is changing and the relative size of the economy has increased by 22 percent. India is now emerging as the fastest growing major economy in the world.