India's Economy Surpasses That Of Great Britain

[Vilander]

4 hours ago, zen said:

A short lesson on GDP per capita based on PPP ->  https://en.wikipedia.org/wiki/Purchasing_power_parity

lol you are gauging a countries economies strength based on GDP per capita ?

[Vilander]

4 hours ago, zen said:

 

 

So based on the above where is Ind headed? FYI, the graphs that you presented show a downward trend in terms of Ind's GDP as the percent of the world's (as represented by countries in the graph), while Ind's population has risen considerably relatively

 

 

 

 

nope not a downward trend its an upward trend from 1991. lol you are saying Indian economy is in a downward trend ??

[zen]

2 hours ago, Vilander said:

lol you are gauging a countries economies strength based on GDP per capita ?

Refer to the defination / formula of GDP per capita before asking such questions 

 

2 hours ago, Vilander said:

nope not a downward trend its an upward trend from 1991. lol you are saying Indian economy is in a downward trend ??

The graph that you posted shows a downward trend from 1700. At least see what your data shows before posting it

 

Ind economy may be on an upward trend since 1991, but it still has a lot to do. For e.g. if the GDP per capita of a country is say $10K, and the country is growing at 5%, it is adding $500 per capita. If the GDP per capita of a country is $2000 and even if the country is growing at 10%, it is adding $200 per capita, $300 less than the first scenario. To add $500 per capita, the growth rate should be 25% 

 

Now assume the growth rate and other factors to be constant and map out how many years it will take the country with GDP per capita $2000 and growing at 10% to come to par with the country with GDP per capita of $10,000 and growing at 5% 

 

Without understanding concepts such as the ones above, many in Ind start to play drums when for e.g. Ind grows at 7% while China grows at 6%. Forgeting or not realizing that 7% of what vs 6% of what 

 

Bhai, simple math karo, phir dhool bajaoo 

 

 

 

 

 

 

Edited June 2, 2017 by zen

[Vilander]

11 hours ago, zen said:

Refer to the defination / formula of GDP per capita before asking such questions 

 

The graph that you posted shows a downward trend from 1700. At least see what your data shows before posting it

 

Ind economy may be on an upward trend since 1991, but it still has a lot to do. For e.g. if the GDP per capita of a country is say $10K, and the country is growing at 5%, it is adding $500 per capita. If the GDP per capita of a country is $2000 and even if the country is growing at 10%, it is adding $200 per capita, $300 less than the first scenario. To add $500 per capita, the growth rate should be 25% 

 

Now assume the growth rate and other factors to be constant and map out how many years it will take the country with GDP per capita $2000 and growing at 10% to come to par with the country with GDP per capita of $10,000 and growing at 5% 

 

Without understanding concepts such as the ones above, many in Ind start to play drums when for e.g. Ind grows at 7% while China grows at 6%. Forgeting or not realizing that 7% of what vs 6% of what 

 

Bhai, simple math karo, phir dhool bajaoo 

 

 

 

 

 

 

dude what ever floats your boat. 

 

you are gauging a nations economic strength based on a HDI variant ( per capita) and you are saying India is in a downward trend in economy so i guess you are very advanced in your research keep at it 

[Haarkarjeetgaye]

Read today that our growth rate has fallen below China. Jaitley says it is not only because of demonetization. China says demonetization was a self goal

[zen]

1 hour ago, Vilander said:

dude what ever floats your boat. 

 

you are gauging a nations economic strength based on a HDI variant ( per capita) and you are saying India is in a downward trend in economy so i guess you are very advanced in your research keep at it 

^ funny post for its ignorance .... shows that you have not understood anything including what the graphs that you post show 

 

 

 

Edited June 2, 2017 by zen

[Vilander]

1 hour ago, zen said:

^ funny post for its ignorance .... shows that you have not understood anything including what the graphs that you post show 

 

 

 

what ever dude. Not interested.

[Vilander]

for the record no where in my post have i derided gdp of china or its high growth rates with a far bigger base. I am just disputing effectiveness of GDP per capita as a measure of a countries economy - human development yes but economy ? you have better metrics like GDP.

 

learning diff beterr gdp per capita and gdp and their essential stories is pretty basic imo and does not warrant a discussion.. absolutely. 

[zen]

21 minutes ago, Vilander said:

what ever dude. Not interested.

Therefore, don't quote ppl unnecessarily w/o understanding their post, and learn how to read graphs

Edited June 2, 2017 by zen

[Vilander]

34 minutes ago, zen said:

Therefore, don't quote ppl unnecessarily w/o understanding their post, and learn how to read graphs

lol abuses wont work. not interested in the least. the fun thing is you dont seem to read my posts so you wont know. be a stat genius.

[zen]

For reference:

 

 

 

Estimated GDP in 2050:

• China US$50T
• US US$34T
• Ind US$28T
• Indonesia US$7T
• Brazil US$6.5T

 

Per capita 2050 est:

• China $37K ($43K PPP)
• USA $87K ($87K PPP)
• Ind $16K ($28K PPP)
• IDN $21K ($32K PPP)
• Brazil $27K ($32K PPP) 

 

1st objective would be to go past Indonesia    .... Pak, if still in existence, is expected to be at $8K ($12K PPP) 

 

 

PS Below is another estimate (wiki  ): 

 

Citigroup estimates between 2030 and 2050 

The following table is a forecast of the top ten wealthiest economies by GDP per capita from 2030 to 2050 made by economist Willem Buiter for Citigroup on February 2011.^[1]

The top 10 wealthiest economies in the world (in international dollars, purchasing power parity adjusted)

Rank	Country	2030	Country	2040	Country	2050
1	Singapore	99,880	Singapore	118,049	Singapore	137,710
2	Hong Kong	79,041	Hong Kong	96,871	Hong Kong	116,639
3	Taiwan	73,219	Taiwan	93,382	Taiwan	114,093
4	United States	67,687	South Korea	86,109	South Korea	107,752
5	South Korea	63,923	United States	82,254	United States	100,802
6	Canada	60,465	Saudi Arabia	77,018	Saudi Arabia	98,311
7	Switzerland	58,690	Canada	76,971	Canada	96,375
8	Netherlands	57,185	Switzerland	72,620	United Kingdom	91,130
9	Austria	56,613	United Kingdom	71,932	Switzerland	90,956
10	United Kingdom	55,839	Austria	71,431	Austria	90,158

  

 

Edited June 2, 2017 by zen

[Vilander]

But the OP its about GDP my brother.

 

The OP states GDP. Its talking about economy of the country

 

Not GDP per capita, not human development.

 

 

[zen]

1 hour ago, Vilander said:

But the OP its about GDP my brother.

 

The OP states GDP. Its talking about economy of the country

 

Not GDP per capita, not human development.

 

 

^  

 

 

Quote

 

What is 'Per Capita GDP '

Per capita GDP is a measure of the total output of a country that takes gross domestic product (GDP) and divides it by the number of people in the country. The per capita GDP is especially useful when comparing one country to another, because it shows the relative performance of the countries. A rise in per capita GDP signals growth in the economy and tends to reflect an increase in productivity.

Read more: Per Capita GDP http://www.investopedia.com/terms/p/per-capita-gdp.asp#ixzz4iscu18ix 

 

 

PS

 

http://www.marketwatch.com/story/the-most-popular-gauge-of-world-growth-is-useless-2014-08-06 

 

Quote

 

GDP is the cornerstone of how we measure economies. But increasingly, it is meaningless. Why? Because GDP doesn’t take into account population changes, which are the single-most important determinant of economic growth. In fact, what we should be looking at is GDP per capita — whether actual people, rather than nations, are getting richer or not.

 

Once you do that, much of what we think we know about the global economy turns out not to be quite right. For example, Japan has been performing decently for the last couple of decades. But Britain has been doing far less well than we thought, and still has not recovered to its pre-financial crisis levels of wealth.

 

For a long time, developed countries had roughly similar demographics, so it didn’t matter that much. GDP told you which ones were doing better or worse. But now, demographics are diverging dramatically. Japan, Germany and Italy have populations that are either shrinking or about to do so. Britain, France and the U.S. have growing populations.  As that become more pronounced, GDP will become more and more meaningless — and GDP per capita will become the measure to use.

 

 

 

PPS

 

Since this is a cricket forum, who is performing better -> someone with 9k runs in 100 innings or 10k runs in 150 innings? (for convenience, imagine runs to be GDP and innings to be population) 

 

Edited June 2, 2017 by zen

[Vilander]

1 hour ago, zen said:

^  

 

 

 

PS

 

http://www.marketwatch.com/story/the-most-popular-gauge-of-world-growth-is-useless-2014-08-06 

 

 

 

PPS

 

Since this is a cricket forum, who is performing better -> someone with 9k runs in 100 innings or 10k runs in 150 innings? (for convenience, imagine runs to be GDP and innings to be population) 

 

dude honestly, you are posting links after links with content but you are forgetting one important fact. in Indian union there is one central union government which consumes the taxes/one government overseas remitances/fdi/fii and uses it, and that is based on GDP not any per capita consumption. GDP per capita is a human development metric, meaning how rich nominally or how much purchasing power ( if ppp) one individual of a country has, for instance gdp nominal per capita has no meaning at ground level, its similar to what a mean indian income can buy in united states, lol its literally that absurd, gdp ppp per capita has value in so far as you totally agree with the bunch of economists who choose the considered commodities for calculating the ppp. But how can you belittle Indian advances by saying Indian GDP percapita is lesser than most countries, that does not take away the fact that the Indian govt will hold sway on an economy that is ~2.5 trillion in value which is bigger than UK and much bigger than canada at 1.6. 

 

in cricketing terms its like saying. 

 

Zim has population of 15 million and is ranked 9th, India has population of 1.2 billion its ranked 1 so Zim is better than India. Do you see your fallacy ?  western levels of GDP per capita is not achievable for India/Africa, we would need a new earth in that case. 

[zen]

5 hours ago, Vilander said:

dude honestly, you are posting links after links with content but you are forgetting one important fact. in Indian union there is one central union government which consumes the taxes/one government overseas remitances/fdi/fii and uses it, and that is based on GDP not any per capita consumption. GDP per capita is a human development metric, meaning how rich nominally or how much purchasing power ( if ppp) one individual of a country has, for instance gdp nominal per capita has no meaning at ground level, its similar to what a mean indian income can buy in united states, lol its literally that absurd, gdp ppp per capita has value in so far as you totally agree with the bunch of economists who choose the considered commodities for calculating the ppp.

in HDI, GDP per capita is the component representing economic factor(s). It is chosen as a component of HDI for its relevance. Re-read the articles posted to understand GDP per capita and its use to gauge economy.  You may feel that your post above is redundant 

 

More from one of the links:

 

"But GDP struggles to cope with rapid changes in population levels. The reason is simple: A nation’s GDP is the output per person multiplied by the number of people. If the amount of stuff each worker produces changes, GDP changes too. But the figure also changes with the number of people. If the population rises rapidly, so will GDP — even if people are actually getting poorer. And if the population falls significantly, so will GDP — even though people may be better off.

 

If you look instead at GDP per capita — and the World Bank supplies the relevant numbers — much of what we think we know about the global economy is wrong."

 

 

Quote

But how can you belittle Indian advances by saying Indian GDP percapita is lesser than most countries, that does not take away the fact that the Indian govt will hold sway on an economy that is ~2.5 trillion in value which is bigger than UK and much bigger than canada at 1.6. 

 

Let's not forget that both UK and Canada are considered developed, while Ind is an emerging country. $2.3T is a number which needs to be much bigger to support the upliftment of Ind population,  where many live in extreme poverty, to turn the country in to a developed nation.  China with similar level of population has GDP of $11T, which is not good enough to list China among developed nations mainly because its large population 

 

One of the key goals of economic development and growth is the upliftment / upgradation of population. This scenario highlights the needs for countries to calibrate their metrics for development and growth to measures such as GDP per capita 

 

 

Quote

 

in cricketing terms its like saying. 

 

Zim has population of 15 million and is ranked 9th, India has population of 1.2 billion its ranked 1 so Zim is better than India. Do you see your fallacy ?

 

 

My friend, your cricket example is also not accurate. In your e.g. Ind has a higher population and #1 ranking in cricket, but in terms of GDP, Ind is among emerging countries despite having the 2nd largest population and with the need to perform up to its potential

 

 

Quote

 

 western levels of GDP per capita is not achievable for India/Africa, we would need a new earth in that case

 

 

There is a measure called GDP per capita based on "PPP"

 

 

 

Edited June 3, 2017 by zen

[Vilander]

4 hours ago, zen said:

in HDI, GDP per capita is the component representing economic factor(s). It is chosen as a component of HDI for its relevance. Re-read the articles posted to understand GDP per capita and its use to gauge economy.  You may feel that your post above is redundant 

 

More from one of the links:

 

"But GDP struggles to cope with rapid changes in population levels. The reason is simple: A nation’s GDP is the output per person multiplied by the number of people. If the amount of stuff each worker produces changes, GDP changes too. But the figure also changes with the number of people. If the population rises rapidly, so will GDP — even if people are actually getting poorer. And if the population falls significantly, so will GDP — even though people may be better off.

 

If you look instead at GDP per capita — and the World Bank supplies the relevant numbers — much of what we think we know about the global economy is wrong."

 

 

 

Let's not forget that both UK and Canada are considered developed, while Ind is an emerging country. $2.3T is a number which needs to be much bigger to support the upliftment of Ind population,  where many live in extreme poverty, to turn the country in to a developed nation.  China with similar level of population has GDP of $11T, which is not good enough to list China among developed nations mainly because its large population 

 

One of the key goals of economic development and growth is the upliftment / upgradation of population. This scenario highlights the needs for countries to calibrate their metrics for development and growth to measures such as GDP per capita 

 

 

 

My friend, your cricket example is also not accurate. In your e.g. Ind has a higher population and #1 ranking in cricket, but in terms of GDP, Ind is among emerging countries despite having the 2nd largest population and with the need to perform up to its potential

 

 

 

There is a measure called GDP per capita based on "PPP"

 

 

 

well yes and no, there are 4 countries above india in real terms now US China Jap Germany, UK is out because of berexitb. But the concept stays. Indias potential is number 1 economy , which might not realize since China is doing well, but no 2 will be in time , even when India reaches no 2 it wont match US or EU per capita. SO even when Indias economy would have realised it potential it will still be a laggard in your terms.

[Vilander]

ok so if you are saying gdp percapita ppp then india can reach US EU when its real economy is 1/3 their size and can super cede China when its real economy is 2/3 its size.

[zen]

1 hour ago, Vilander said:

well yes and no, there are 4 countries above india in real terms now US China Jap Germany, UK is out because of berexitb. But the concept stays. Indias potential is number 1 economy , which might not realize since China is doing well, but no 2 will be in time , even when India reaches no 2 it wont match US or EU per capita. SO even when Indias economy would have realised it potential it will still be a laggard in your terms.

In terms of PPP, China is #1 and Ind is #3, excluding EU, and both are still considered as emerging markets 

 

Even if Ind becomes a $100T PPP market but with a population of 10B, it would be more or less at the same place it is now 

 

To reach its potential, Ind would need to define what the optimal GDP per capita for it is and work accordingly 

 

 

1 hour ago, Vilander said:

ok so if you are saying gdp percapita ppp then india can reach US EU when its real economy is 1/3 their size and can super cede China when its real economy is 2/3 its size.

You are focused on one component. The equation has two with Ind forecasted to become the most populous nation 

 

PS also note factors such as environmental damage estimated at $80B annually in 2009 money, which is equivalent to 6% of 2009 GDP. Ind GDP growth rate tends to be 6-8%

 

In Ind approx. 300M people (roughly equivalent to the population of US) live below the poverty line

 

Ind's development and growth should be inclusive and in a responsible and sustainable way

Edited June 3, 2017 by zen

[Haarkarjeetgaye]

 Mitron - lag gaye l@@@@ l@@@@

 

https://www.google.com/amp/m.businesstoday.in/lite/story/pm-modis-demonetisation-brings-gdp-down-to-61-per-cent-top-economists-stand-vindicated/1/253436.html

 

 

[MechEng]

http://economictimes.indiatimes.com/news/economy/dont-worry-about-gdp-india-has-put-demo-demons-behind-it/articleshow/58956013.cms