Next year, India will become one of the world's 10 biggest economies.

[badguy2000]

well, I found another "india shining" articel on rediff again.
it predicts world 10 biggest economy in the coming 3 years.

Next year, India will become one of the world's 10 biggest economies.

According to a Fortune study, which tracks the GDP growth of economies from 2000 to 2017, India will remain among the top 10 economies till 2017.

It is not among the top ten economies this year.

India (Rank 10)

The Indian economy is the world's eleventh-largest by nominal GDP and third-largest by purchasing power parity (PPP). India became one of the fastest-growing major economies, post economic reforms in 1991.

Projected GDP, 2013: $2 trillion (Rank 10)
Projected GDP, 2015: $2.9 trillion (Rank 9)

United States (Rank 1)

The US economy is the world's largest national economy, with an estimated 2011 GDP of $15.1 trillion. It has the world's sixth-highest per capita income.

Projected GDP, 2013: $16.2 trillion
Projected GDP, 2015: $17.8 trillion


China (Rank 2)

Projected GDP, 2013: $8.8 trillion
Projected GDP, 2015: $10.6 trillion

China has become the world's fastest-growing major economy.

As of 2012, it is the world's second-largest economy, after the United States, by both nominal GDP and purchasing power parity (PPP), and is also the world's largest exporter and second-largest importer of goods
India to be among top 10 economic superpowers in 2013 - Rediff.com Business

 

[Tianshan]

India to be among top 10 economic superpowers in 2013 - Rediff.com Business

the top 10 economies are "economic superpowers"?

so italy and canada are economic superpowers?

 

[Koovie]

last year we were the 9th largest economy by GDP, they havent even mentioned that in the article. However, I hope our politicians will act before the next elections take place...

 

[badguy2000]

the top 10 economies are "economic superpowers"?

so italy and canada are economic superpowers?

I am always more interested in its comments than the article itself.

 

[ejazr]

Well there seems to be a mistake in the GDP figures being quoted

2011 estimate is around 1.8 trillion with India at no.9

India is expected to become a 2 trillion dollar economy sometime in 2012-13

 

[linking_park]

Well there seems to be a mistake in the GDP figures being quoted

2011 estimate is around 1.8 trillion with India at no.9

India is expected to become a 2 trillion dollar economy sometime in 2012-13

Use newest exchange rate( 54R:$1), India GDP only 1.45 trillion in 2011-2012 fiscal.
That is why it only rank 11th now.

And I can hardly believe that it can double in 3 years.




1 United States &1000000001509402500000015,094,025
2 China &100000000072981470000007,298,147n2
3 Japan &100000000058694710000005,869,471
4 Germany &100000000035770310000003,577,031
5 France &100000000027763240000002,776,324
6 Brazil &100000000024929080000002,492,908
7 United Kingdom &100000000024175700000002,417,570
8 Italy &100000000021987300000002,198,730
9 Russia &100000000018504010000001,850,401
10 Canada &100000000017368690000001,736,869
11 Spain &100000000014935130000001,493,513
12 Australia &100000000014882210000001,488,221

 

[cir]

These so-called predictions are always far from the truth and are therefore useless。

Take China as an example。 Its 2012 GDP will reach 8.8 trillion US dollars if not more。2015 GDP is very likely to surpass 13 trillion dollars。

As for the US，its 2015 GDP will be under 17 trillion。

 

[badguy2000]

These so-called predictions are always far from the truth and are therefore useless。

Take China as an example。 Its 2012 GDP will reach 8.8 trillion US dollars if not more。2015 GDP is very likely to surpass 13 trillion dollars。

As for the US，its 2015 GDP will be under 17 trillion。

in the coming several , exchange rate may influence nominal GDP more than real growth...

some day, when more and more countries agree to settle with RMB, instead of USD, dominance of USD will end and real purchase power of USA will shrink rapidly.

 

[Apollyon]

These so-called predictions are always far from the truth and are therefore useless。

Take China as an example。 Its 2012 GDP will reach 8.8 trillion US dollars if not more。2015 GDP is very likely to surpass 13 trillion dollars。

As for the US，its 2015 GDP will be under 17 trillion。

Increase of 4.2 Trillion (taking your figure of 8.8 trillion in 2012) in 3 Years ... :shocked:

btw have a look at this :

In a series of interviews over the last week, bankers and senior executives from provinces all over China, in a range of light and heavy industries, cited a broad deterioration in business conditions. Two of them said that some tax agencies in smaller cities had been telling companies to inflate their sales and profits to make local economic growth look less weak than it really was, while reassuring the companies that their actual tax bills would be left unchanged.

http://www.nytimes.com/2012/05/11/business/global/china-trade-growth-slumps-in-april.html?n=Top/News/World/Countries%20and%20Territories/China?ref=china

reality of Chinese Economy ....

 

[Hari Sud]

Indian economy

We are comparing apples and oranges.

Whereas Indian economy quoted in the lead article is nominal gdp the Chinese economy is quoted from PPP (Purchase Power Parity).

On a common basis that is PPP indian economy is $4.4 trillion and Chinese econmy at $10 or 11 trillion by all IMF, World Bank and CIA Factbook -2011-12 data.

Indian economy has a third place in the world order.

So relax guys Indian Economy has done well.

 

[asianobserve]

some day, when more and more countries agree to settle with RMB,

Keep on dreaming....

 

[Hari Sud]

The two most common ways to measure GDP per capita are nominal and purchasing power parity (abbreviated PPP). Nominal is an attempt at an absolute measure, a sort of immovable standard that remains the same from country to country. It is the original concept of GDP. In contrast, PPP is an attempt at a relative measure, taking factors of each country into consideration in order to put a number on a person's standard of living within that country.

 

[linking_park]

We are comparing apples and oranges.

Whereas Indian economy quoted in the lead article is nominal gdp the Chinese economy is quoted from PPP (Purchase Power Parity).

On a common basis that is PPP indian economy is $4.4 trillion and Chinese econmy at $10 or 11 trillion by all IMF, World Bank and CIA Factbook -2011-12 data.

Indian economy has a third place in the world order.

So relax guys Indian Economy has done well.

PPP? Who use PPP for global comparision?
You use PPP to attract FDI? You use PPP to import oil?

And the article is about nominal GDP.
With newest exchange rate, India GDP of 2012 is $1.45 billion (78.8 trillion rupee with 54.3R/1Dollor), And China is $7.48 billion( 47.2 trillion RMB with 6.3RMB/1dollor).

China GDP is 5 times of India.

 

[Mad Indian]

PPP? Who use PPP for global comparision?
You use PPP to attract FDI? You use PPP to import oil?

And the article is about nominal GDP.
With newest exchange rate, India GDP of 2012 is $1.45 billion (78.8 trillion rupee with 54.3R/1Dollor), And China is $7.48 billion( 47.2 trillion RMB with 6.3RMB/1dollor).

China GDP is 5 times of India.

Chinese GDP is five times that of india only on paper. What is nominal GDP again?-Paper-nothing more.

The real measure of GDP is in PPP terms, by which Chinese GDP is ~3 times that of Indian GDP. Dont compare what is convenient for you

 

[badguy2000]

We are comparing apples and oranges.

Whereas Indian economy quoted in the lead article is nominal gdp the Chinese economy is quoted from PPP (Purchase Power Parity).

On a common basis that is PPP indian economy is $4.4 trillion and Chinese econmy at $10 or 11 trillion by all IMF, World Bank and CIA Factbook -2011-12 data.

Indian economy has a third place in the world order.

So relax guys Indian Economy has done well.

before you replies the above ,you should have look into more data about PPP and nominal GDP ..

 

[ejazr]

Use newest exchange rate( 54R:$1), India GDP only 1.45 trillion in 2011-2012 fiscal.
That is why it only rank 11th now.

And I can hardly believe that it can double in 3 years.

Not sure where you are picking up your numbers from Indian GDP is estimated in 2012-13 to be around 101 trillion INR, which is close to USD 1.86 trillion at the current exchange rate

Even if the Rupee drops to 60/$1, it would be around 1.68 trillion USD.

Now you do the math and the ranking.

 

[linking_park]

Not sure where you are picking up your numbers from Indian GDP is estimated in 2012-13 to be around 101 trillion INR, which is close to USD 1.86 trillion at the current exchange rate

Even if the Rupee drops to 60/$1, it would be around 1.68 trillion USD.

Now you do the math and the ranking.

There is something call "google".
And can you believe India GDP will reach $2.9 trillion in three years when it only $1.6 trillion today?

Don't forget India ecomomic data are not optimistic now. The industry output even decline 3.5% in March.

 

[badguy2000]

Chinese GDP is five times that of india only on paper. What is nominal GDP again?-Paper-nothing more.

The real measure of GDP is in PPP terms, by which Chinese GDP is ~3 times that of Indian GDP. Dont compare what is convenient for you

it usually means that average wage of CHinese might be about 4-5 times that of Indian,because CHinese population is just a bit more than India's.

BTW,

Hongkong's per nominal GDP is 32K USD, the average wage of Hongkongese is about 10K HKD(1.3K USD)/month.

Taiwanese per nominal GDP is about 20K USD, the average wage of Taiwanese is about 43K NTD( 1K USD)/month

PRC's per nominal GDP is about 5.5K USD, the average wage of PRC is about 2-3K RMB( 0.3-0.5K USD)/month

India's per nominal GDP is about 1.2K USD, then how about the average wage of India?

 

[ejazr]

There is something call "google".
And can you believe India GDP will reach $2.9 trillion in three years when it only $1.6 trillion today?

Don't forget India ecomomic data are not optimistic now. The industry output even decline 3.5% in March.

The figures I quoted are from the economic survey released in April. Not madeup figures.

The topic was wether India is os isn't in the top 10 economies. You dont need 2.9 trillion dollar economy but just be in the top 10. With 1.8 trillion dollar now, it already is in the top 10.

 

[Mad Indian]

it usually means that average wage of CHinese might be about 4-5 times that of Indian,because CHinese population is just a bit more than India's.

BTW,

Hongkong's per nominal GDP is 32K USD, the average wage of Hongkongese is about 10K HKD(1.3K USD)/month.

Taiwanese per nominal GDP is about 20K USD, the average wage of Taiwanese is about 43K NTD( 1K USD)/month

PRC's per nominal GDP is about 5.5K USD, the average wage of PRC is about 2-3K RMB( 0.3-0.5K USD)/month

India's per nominal GDP is about 1.2K USD, then how about the average wage of India?

As I said, Nominal GDP is not the correct measure of GDP. But if you want to believe Nominal GDP is more important accurate measure of measuring GDP, then Suit yourself