India’s GDP 11 times more than Bangladesh in purchasing power parity terms, say govt sources

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India’s GDP 11 instances greater than Bangladesh in buying energy parity phrases, say govt sources

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The federal government sources mentioned this within the backdrop of IMF’s progress projections exhibiting Bangladesh closing in on India by way of per capita GDP this yr.

New Delhi: India’s Gross Home Product (GDP) by way of buying energy parity was 11 instances greater than that of Bangladesh in 2019, authorities sources mentioned on Wednesday as they performed down IMF projections of India slipping beneath the neighbouring nation on per capita GDP this yr.

Earlier within the day in a tweet, Congress chief Rahul Gandhi took a dig on the authorities over IMF progress projections exhibiting Bangladesh closing in on India by way of per capita GDP this yr and described it as a “stable achievement” of six years of BJP”s “hate-filled cultural nationalism”.

The federal government sources, on their half, emphasised that beneath the Modi authorities, the per capita GDP has elevated from Rs 83,091 in 2014-15 to Rs 1,08,620 in 2019-20, representing a rise of 30.7 p.c.

In 2019, India’s GDP in Buying Energy Parity (PPP) phrases was 11 instances greater than that of Bangladesh whereas the inhabitants was eight instances extra. In PPP phrases, India’s per capita GDP in 2020 is estimated by IMF at USD 6,284 as in comparison with USD 5,139 for Bangladesh, in accordance with the sources.

Below UPA 2, the sources mentioned that it had elevated from Rs 65,394 in 2009-10 to Rs 78,348 in 2013-14 which is a rise of 19.8 p.c.

The Worldwide Financial Fund (IMF) has estimated India’s GDP to develop at 8.8 p.c in 2021, twice that of Bangladesh at 4.4 p.c, they added.

Based on the IMF, India is about to drop beneath Bangladesh by way of per capita Gross Home Product (GDP) because the economic system is projected to contract by a large 10.3 p.c this yr.

IMF’s forecast for India – an enormous downward revision from its earlier prediction in June – can be the largest contraction projected amongst main rising markets amid the COVID-19 pandemic.

Nevertheless, India is more likely to bounce again with a formidable 8.8 p.c progress charge in 2021, thus regaining the place of the fastest-growing rising economic system, surpassing China’s projected progress charge of 8.2 p.c, the IMF mentioned in its newest ”World Financial Outlook” report.

Launched forward of the annual conferences of IMF and the World Financial institution, the report mentioned world progress would contract by 4.4 p.c this yr and bounce again to five.2 p.c in 2021.

America’s economic system is projected to contract by 5.8 p.c in 2020 and develop by 3.9 p.c the following yr, IMF mentioned.

China is the one nation, among the many main economies, to indicate a optimistic progress charge of 1.9 p.c in 2020, it mentioned.

IMF in its report mentioned that revisions to the forecast are notably massive for India, the place GDP contracted far more severely than anticipated within the second quarter.

“Because of this, the economic system is projected to contract by 10.3 p.c in 2020, earlier than rebounding by 8.8 p.c in 2021,” it mentioned.

In 2019, India’s progress charge was 4.2 p.c.

Final week, the World Financial institution mentioned India’s GDP this fiscal is anticipated to contract by 9.6 p.c.

“India’s GDP is anticipated to contract 9.6 p.c within the fiscal yr that began in March,” the World Financial institution mentioned in its newest subject of the South Asia Financial Focus report.

The Reserve Financial institution of India has projected the nation’s economic system to contract by 9.5 p.c within the present monetary yr.

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