May 05 2014
Amid the cacophony of general elections that are widely focused on economic growth, there is indeed some cheerful news. India is now the world’s third largest economy in terms of purchasing power parity (PPP) – even ahead of Japan.
The World Bank says India holds a 6.4 per cent share of global GDP on a PPP basis. The United States remains in first place with a 17.1 per cent share and China trails it at 14.9 per cent. Japan, while still the world’s third largest economy in nominal terms, holds a 4.8 per cent share of global wealth.
It is a morale-improving piece of news for all Indians who have been besieged by high inflation, stagnant growth and other economic ills in the past year. It should jolt government officials in various ministries and the Planning Commission into action and focus on evolving policies to improve infrastructure across the country.
At the same time, I believe millions of new jobs need to be generated for youngsters graduating out of universities. The country still has much to do in combating poverty. I hope India will soon have a new Prime Minister who will lead the transformation of India’s economy for the better in coming years.
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