The Rising: India’s tenth largest economy, and growing
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It’s official: India has arrived on the global scene. We now live in the world’s 10th largest economy in terms of absolute gross domestic product (GDP) size. According to the latest World Bank report, India jumped two places to number 10 in ‘04 (from number 12 in ‘03) in GDP terms. India notched up a GDP of $692bn, is growing at over 6% annually and can be expected to move further up the rankings.
India comes in just three notches below China and could rise further if the economy continues its 6%-plus growth every year. Economies in the developed world, such as the Euro zone and Japan, have recorded growth rates of less than 2%. GDP is the sum of value added by all resident producers.
India has also been growing fast on account of high consumption demand, which is a very important component in measuring the size and growth of an economy. Over the last six years, India has seen massive increases in job opportunities, which have resulted in greater amounts of disposable income in the economy.
It’s official: India has arrived on the global scene. We now live in the world’s 10th largest economy in terms of absolute gross domestic product (GDP) size. According to the latest World Bank report, India jumped two places to number 10 in ‘04 (from number 12 in ‘03) in GDP terms. India notched up a GDP of $692bn, is growing at over 6% annually and can be expected to move further up the rankings.
India comes in just three notches below China and could rise further if the economy continues its 6%-plus growth every year. Economies in the developed world, such as the Euro zone and Japan, have recorded growth rates of less than 2%. GDP is the sum of value added by all resident producers.
India has also been growing fast on account of high consumption demand, which is a very important component in measuring the size and growth of an economy. Over the last six years, India has seen massive increases in job opportunities, which have resulted in greater amounts of disposable income in the economy.
posted by veerj at 10:26 AM
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