Why India becoming fifth largest economy is only a little to cheer about

In this blog post, I argue that India is still far behind developed countries in terms of poverty and well-being.

India's population is almost 1.5 Billion.

Many people in India celebrate the fact that India is now the fifth-largest economy in terms of GDP.

To illustrate my point of why India is far behind in major indicators, I have taken the help of GDP per capita.

As of November 2023, India's per capita income (nominal) is $2612 and India is behind countries such as Iran and Congo.

Now consider the per capita income of the USA. It is more than $80000.

This means that the average American is at least 30 times richer than the average Indian.

India is also lagging far behind in indicators such as hunger and happiness.

In the World Happiness Report 2023, India is ranked 126 out of 137 countries and is behind Pakistan and Bangladesh.

What India needs is holistic development. This development is especially needed in sectors such as education, infrastructure, and sanitation.

India should aim to become at least a 20 trillion USD economy by 2047, the year which would mark 100 years of Indian independence from British colonial rule.