According to World Bank, India is the current sixth largest economy. India is now a $2.3 trillion powerhouse. With 1.2 billion people and consistent increase in GDP, India is now competing with the top manufacturing economies.
In terms of PPP ( Purchasing Power Parity), India’s economy is $9.45 trillion. It is third largest economy in terms of PPP. Just behind the United States and People’s Republic of China.
In the Economic Survey of India 2018, the lower income trap was discussed. Brazil, Mexico and South Africa almost spent 20 years in middle income trap. Even though India’s economy is heading in right direction but India is in lower income trap. India has full potential to break this jinx and can become the part of lower-middle income economy as it is the current largest major economy in the world. But the target is too far as to achieve it, annual per-capita income should be above $4500 and India’s annual per-capita income is $2000.
Stock market index Nifty and Sensex is again touching their respective highs. India now completely recovered from the complexity of GST implementation and demonetisation. E-way bills will further help to smooth the transport. E-way bills implemented in Maharashtra and other states has considerably lower the transport time.
According to the Economic Survey of India, India’s inter-state export is 60%. Which is the sign oh healthy economy. E-way bills will add a boost to inter-state export too.
India’s economy will grow at the rate of 7.5% this year, according to IMF-World Bank prediction. NITI Aayog Vice Chairman Rajiv Kumar says, it might touch the 7.8% mark in upcoming fiscal.
When we look into the data and predictions of current phase of Indian economy, we can conclude the India is rich but Indians are poor. It will be interesting to see the growth of India in upcoming decade as growth is proportional to the lifestyle and size of population.
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