India’s GDP 11 times more than Bangladesh in purchasing power parity phrases, say govt sources – Business News , Firstpost

The authorities sources mentioned this in the backdrop of IMF’s progress projections displaying Bangladesh closing in on India in phrases of per capita GDP this 12 months.

New Delhi: India’s Gross Domestic Product (GDP) in phrases of purchasing power parity was 11 times more 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 12 months.

Earlier in the day in a tweet, Congress chief Rahul Gandhi took a dig on the authorities over IMF progress projections displaying Bangladesh closing in on India in phrases of per capita GDP this 12 months and described it as a “solid achievement” of six years of BJP”s “hate-filled cultural nationalism”.

The authorities sources, on their half, emphasised that underneath 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 %.

In 2019, India’s GDP in Purchasing Power Parity (PPP) phrases was 11 times more than that of Bangladesh whereas the inhabitants was eight times more. 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 response to the sources.

Under 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.Eight %.

The International Monetary Fund (IMF) has estimated India’s GDP to develop at 8.Eight % in 2021, twice that of Bangladesh at 4.Four %, they added.

According to the IMF, India is ready to drop beneath Bangladesh in phrases of per capita Gross Domestic Product (GDP) because the financial system is projected to contract by an enormous 10.Three % this 12 months.

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

However, India is more likely to bounce again with a powerful 8.Eight % progress charge in 2021, thus regaining the place of the quickest-rising rising financial system, surpassing China’s projected progress charge of 8.2 %, the IMF mentioned in its newest ”World Economic Outlook” report.

Released forward of the annual conferences of IMF and the World Bank, the report mentioned world progress would contract by 4.Four % this 12 months and bounce again to five.2 % in 2021.

America’s financial system is projected to contract by 5.Eight % in 2020 and develop by 3.9 % the subsequent 12 months, IMF mentioned.

China is the one nation, among the many main economies, to point out a constructive progress charge of 1.9 % in 2020, it mentioned.

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

“As a result, the economy is projected to contract by 10.3 percent in 2020, before rebounding by 8.8 percent in 2021,” it mentioned.

In 2019, India’s progress charge was 4.2 %.

Last week, the World Bank mentioned India’s GDP this fiscal is predicted to contract by 9.6 %.

“India’s GDP is expected to contract 9.6 percent in the fiscal year that started in March,” the World Bank mentioned in its newest challenge of the South Asia Economic Focus report.

The Reserve Bank of India has projected the nation’s financial system to contract by 9.5 % in the present monetary 12 months.

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