Thursday, 30 May 2013

India - Through the Lens of Data : 01

India has always been a land of diverse cultures , languages, cuisines and what not.

And with more and more Indians feeling positive their Nation as an Economic power, its time we see on how the states within India are performing and competing with each other.

But before that, lets see how India as a nation is performing in the global race to achieve higher GDP growth.

In drawing rooms, we would have heard random conversations on how China has pipped Japan in terms of GDP, which is Gross Domestic Product and how it will soon overtake U.S, which isn't as simple as our Armchair economists think.

Coming back, GDP can be explained as below.

GDP = consumption + investment + government spending + (exports – imports) 

With ever changing global scenario up in action, it is predicted that India will soon rise up as one of the top 5 nations in terms of GDP.

Currently India stands 10th globally with respect to GDP .

Top 10 Nations in terms of Gross Domestic Product according to International Monetary Fund Report (Report for Selected Countries and Subjects

  1. United States
  2. China
  3. Japan
  4. Germany
  5. France
  6. United Kingdom
  7. Brazil
  8. Russia
  9. Italy
  10. India   

In addition to that, European Union as a single Economic Unit, stands first in comparison with U.S . With an impending economic crunch , it's a wait and watch game for us to see on how this numbers would turn up next year.

In addition to this,this also signifies the growing clout of BRIC Nations in this ever changing world with all 4 nations making into Top 10 List. ( Brazil, Russia, India and China ).

In the next post, lets see how nations fare by the measure of GDP - PPP ( Purchasing Power Parity ). 

More on BRIC grouping :

BRICS countries dump the euro, establish bank

BRIC //The acronym was coined by
Jim O'Neill in a 2001 paper entitled "Building Better Global Economic BRICs". The acronym has come into widespread use as a symbol of the shift in global economic power away from the developed G7economies towards the developing world. It is estimated that BRIC economies will overtake G7 economies by 2027// Wikipedia

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