India in $2-trillion club, per capita income up by 10 percent

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India’s per capita income increased 9.7 percent in 2014 from the previous year, and the country’s GDP also crossed the $2-trillion mark, according to a report by World Bank. The report also reveals that in terms of purchasing power parity (PPP), the country’s per capita income grew 7.65 percent, and in the same terms, India’s GDP stood at $6.78 trillion in 2014, maintaining its third slot in the world, after China and the US.

It took 60 years (1947-2006) for India to reach the $1-trillion mark, but the country added the next trillion in just seven years (2007-14), observes the World Bank report. Other important highlights of the report include:

  • India rerecorded 7.4 percent growth rate in 2014.
  • Indian economy, at $2.06 trillion, has almost doubled in size since the financial crisis hit the country in 2008, and has more than quadrupled from the start of this millennium.
  • India ranks ninth in the GDP on an exchange rate basis.
  • Despite the increase in per capita gross national income (GNI), India has remained in the ‘lower middle income’ category ($1,046-$4,125).

The latest data, released by the World Bank, reveals that India has become the fastest growing major economy along with China’s, which is a whopping $10.4 trillion economy. Top ten economies, according to the latest data include:

Rank Economy Millions of Dollars
1.      USA 17,419,000
2.      China 10,360,105
3.      Japan 4,601,461
4.      Germany 3,852,556
5.      UK 2,941,886
6.      France 2,829,192
7.      Brazil 2,346,118
8.      Italy 2,144,338
9.      India 2,066,902
10.  Russian Federation 1,860,598

 

It is pertinent to mention here that lately released, GoI’s Socio Economic and Caste Census (SECC) tells a completely different story. The census data reveals that 75 percent of all rural households in the country earn less than Rs 5,000 per month. For more information visit:

http://www.jantakareporter.com/india/75-of-indian-rural-households-earned-less-than-rs-5000-a-month/5782
And

http://www.jantakareporter.com/india/nearly-50-indian-households-are-deprived-30-landless-govt-census/5747

1 COMMENT

  1. THE “GDP GROWTH” AND “India in $2-trillion club” ARE ALL BOGUS :- As modi Sahab had campaigned that India to follow Gujarat Model then the grievous reality is this,

    Indian Ministry Suppresses UNICEF Data on Child Malnutrition Problems in Gujarat
    by Mita Majumdar on July 2, 2015 at 12:40 PM Child Health News -Read more: Indian Ministry Suppresses UNICEF Data on Child Malnutrition Problems in Gujarat http://www.medindia.net/news/government-suppresses-unicef-data-on-child-malnutrition-problems-in-gujarat-150649-1.htm#ixzz3evYwYZyh

    The World Bank estimates that India is one of the highest ranking countries in the world for the number of children suffering from malnutrition. The prevalence of underweight children in India is among the highest in the world, and is nearly double that of Sub Saharan Africa with dire consequences for mobility, mortality, productivity and economic growth.

    As India is a labour-intensive country and this is the actual scenario of harsh reality, who will be left to serve and take part in the propaganda of so called national growth ????????

    Is it not that painful like, Modi Sahab dreaming of Bullet Trains whereas
    Around 15,000 people killed every year in rail accidents
    Mahendra Singh, TNN | Aug 21, 2013, 07.01AM IST

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