Number Theory: Fine print of India’s fifth largest economy status
Hindustan TimesIndia has surged past United Kingdom to become the fifth largest economy in the world, IMF said on September 2. A historical look at India’s global GDP ranking A historical look at the IMF’s World Economic Outlook database shows that the Indian economy has made rapid gains in terms of global GDP ranking in the past decade and half. IMF’s 2022 GDP estimates -- they take into account 2022-23 GDP data for India -- rank India at the 5th place and by 2027, India is expected to become the 4th largest economy in the world overtaking Germany. A lower per capita GDP rank does not mean everyone in India has low living standards The fact that India’s per capita GDP continues to be much lower than its global GDP rank would indicate, does not mean that everybody is leading a life of relative deprivation in India. A compound annual growth rate based analysis shows that India’s GDP growth was significantly lower in the 2010-2019 period than in the previous decade and is expected to go down further in the period from 2019 to 2027, the latest period for which IMF’s GDP projections are available.