India is today one of world's fastest growing
economies. The Indian economy is the world's tenth largest in terms of
nominal GDP and the fourth largest in terms of purchasing power parity.
Purchasing power parity is the exchange rate that makes the cost of an item the same in two countries.
According to the International Monetary Fund, India's nominal GDP stands at $1.53 trillion. In terms of purchasing power parity, India's economy is the fourth largest in the world at $4.06 trillion. India could emerge as the world's third largest economy by 2030, benefiting from strong domestic demand and favourable demographics, according to a Standard Chartered Global Research study.
India is likely to grow faster, on average, than China over the next two decades, the study said.
Even as India faces major issues like poverty, unemployment and corruption, there are many reasons to feel good about its economic boom and prospertiy.
India's GDP expanded by 7.8 per cent in the first quarter of 2011 compared to the same period in the previous year. India's average quarterly GDP growth was 8.40 per cent from 2004 to 2010, hitting a high of 10.10 per cent in September 2006 and a record low of 5.50 per cent in December 2004.
The service sector makes up 54 per cent of the GDP, the agricultural sector 28 per cent, and the industrial sector 18 per cent.
The major industries include textiles, telecommunications, chemicals, food processing, steel, transport equipment, cement, mining, petroleum, machinery and software.
The equity market capitalization of the companies listed on the Bombay Stock Exchange stood at $1.63 trillion as of December 2010, making it the 4th largest stock exchange in Asia and the 8th largest in the world.
The BSE has 5,034 listed Indian companies.
India has the world's second largest labour
force with 467 million workers. About 25 per cent of the world's new
workers will be Indian in the next three years. Over half of India's population is below 25 years. By 2020, the average age of an Indian is expected to be 29 years.
India's working-age population will increase by 240 million over the next two decades, according to Deutsche Bank. India has the second-largest pool of scientists and engineers in the world.
Mumbai has the world's 6th most expensive office location.
The housing and real estate sector including cineplex, multiplex, integrated townships and commercial complexes, etc, attracted a foreign direct investment of $ 9,405 million from April 2000 to January 2011.
India now has a record number of 55 billionaires, according to the Forbes 2011 world billionaires' list.
India stands third after the United States and China in the number of billionaires. The combined wealth of India's 55 richest is $246.5 billion, much higher than last year's total of $222.1 billion
India ranks 51st in global competitiveness, 17th in financial market sophistication, 24th in the banking sector, 44th in business sophistication and 39th in innovation, ahead of several advanced economies.
India could well become a major economic power provided it performs true to its potential.
Seven of the world's top 15 technology outsourcing companies are based in India.
According to Nasscom, India's IT and BPO exports jumped 18.7 per cent during fiscal 2011 to $59 billion. It now accounts for 26 per cent of India's overall exports and 11 per cent of services revenue.
India's consumer market, currently the world's thirteenth largest, is expected to become fifth largest by 2030. Currently, Indians are amongst the most confident consumers globally.
India's telecommunication industry, the world's fastest growing, added 227 million subscribers during 2010-11.
According to the Telecom Regulatory Authority of India (TRAI), the wireless user base grew 2.52 per cent to 771.18 million in January from 752.19 million in the previous month.
India is now the seventh largest vehicle
producing nation in the world. Its automobile industry, the world's
second-fastest growing, increased domestic sales by 26 per cent during
2009-10, and exports by 36 per cent during 2008-09.
The cheapest and the most expensive cars are now available in India.
India has the 9th largest aviation market in the world. India is expected to be the fastest growing civil aviation market in the world by 2020.
The domestic air passenger traffic grew by 19 percent in 2010, registering 51.53 million passengers as compared to 43.3 million in 2009.
India has the world's 7th largest foreign
reserves pegged at $310 billion. India's foreign exchange reserves rose
by $1.68 billion to $310.21 billion for the week ended May 27 on the
back of a sharp increase in foreign currency assets.
India's exports jumped 34.42 per cent in April 2011 to $23.8 billion continuing the fast paced growth of the previous fiscal. The
trade deficit for April 2011 was estimated at $8.98 billion which was
lower than the deficit of $11.02 billion during April 2010.
India has a road network of over 3.314 million kilometers, making it the third largest road network in the world.
The Indian Railways has the world's fourth largest railway network with more than 64,215 kilometers of track and 7,083 stations. It is one of the world's largest commercial employers, with more than 1.6 million employees.
India has 27 public sector banks, 88 scheduled commercial banks (SCBs), 31 private banks and 38 foreign banks with a combined network of over 53,000 branches and 17,000 ATMs.
India ranks second worldwide in farm output. India is the largest producer and consumer of tea in the world, accounting for more than 30 per cent of global production and 25 per cent of consumption.
Purchasing power parity is the exchange rate that makes the cost of an item the same in two countries.
According to the International Monetary Fund, India's nominal GDP stands at $1.53 trillion. In terms of purchasing power parity, India's economy is the fourth largest in the world at $4.06 trillion. India could emerge as the world's third largest economy by 2030, benefiting from strong domestic demand and favourable demographics, according to a Standard Chartered Global Research study.
India is likely to grow faster, on average, than China over the next two decades, the study said.
Even as India faces major issues like poverty, unemployment and corruption, there are many reasons to feel good about its economic boom and prospertiy.
India's GDP expanded by 7.8 per cent in the first quarter of 2011 compared to the same period in the previous year. India's average quarterly GDP growth was 8.40 per cent from 2004 to 2010, hitting a high of 10.10 per cent in September 2006 and a record low of 5.50 per cent in December 2004.
The service sector makes up 54 per cent of the GDP, the agricultural sector 28 per cent, and the industrial sector 18 per cent.
The major industries include textiles, telecommunications, chemicals, food processing, steel, transport equipment, cement, mining, petroleum, machinery and software.
The equity market capitalization of the companies listed on the Bombay Stock Exchange stood at $1.63 trillion as of December 2010, making it the 4th largest stock exchange in Asia and the 8th largest in the world.
The BSE has 5,034 listed Indian companies.
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India's working-age population will increase by 240 million over the next two decades, according to Deutsche Bank. India has the second-largest pool of scientists and engineers in the world.
Mumbai has the world's 6th most expensive office location.
The housing and real estate sector including cineplex, multiplex, integrated townships and commercial complexes, etc, attracted a foreign direct investment of $ 9,405 million from April 2000 to January 2011.
India now has a record number of 55 billionaires, according to the Forbes 2011 world billionaires' list.
India stands third after the United States and China in the number of billionaires. The combined wealth of India's 55 richest is $246.5 billion, much higher than last year's total of $222.1 billion
India ranks 51st in global competitiveness, 17th in financial market sophistication, 24th in the banking sector, 44th in business sophistication and 39th in innovation, ahead of several advanced economies.
India could well become a major economic power provided it performs true to its potential.
Seven of the world's top 15 technology outsourcing companies are based in India.
According to Nasscom, India's IT and BPO exports jumped 18.7 per cent during fiscal 2011 to $59 billion. It now accounts for 26 per cent of India's overall exports and 11 per cent of services revenue.
India's consumer market, currently the world's thirteenth largest, is expected to become fifth largest by 2030. Currently, Indians are amongst the most confident consumers globally.
India's telecommunication industry, the world's fastest growing, added 227 million subscribers during 2010-11.
According to the Telecom Regulatory Authority of India (TRAI), the wireless user base grew 2.52 per cent to 771.18 million in January from 752.19 million in the previous month.
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The cheapest and the most expensive cars are now available in India.
India has the 9th largest aviation market in the world. India is expected to be the fastest growing civil aviation market in the world by 2020.
The domestic air passenger traffic grew by 19 percent in 2010, registering 51.53 million passengers as compared to 43.3 million in 2009.
Here's why you can cheer India's success
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India has a road network of over 3.314 million kilometers, making it the third largest road network in the world.
The Indian Railways has the world's fourth largest railway network with more than 64,215 kilometers of track and 7,083 stations. It is one of the world's largest commercial employers, with more than 1.6 million employees.
India has 27 public sector banks, 88 scheduled commercial banks (SCBs), 31 private banks and 38 foreign banks with a combined network of over 53,000 branches and 17,000 ATMs.
India ranks second worldwide in farm output. India is the largest producer and consumer of tea in the world, accounting for more than 30 per cent of global production and 25 per cent of consumption.
Global banking giant Standard Chartered on
Wednesday said India could emerge as the world's third largest economy
by 2030, benefiting from strong domestic demand and favourable
demographics.
However, the banking entity noted that country's reform agenda need to be sustained for achieving high growth.
"India has the fundamentals to emerge a winner in the super-cycle, potentially becoming the world's third-largest economy by 2030.
India is likely to grow faster, on average, than China over the next two decades," Standard Chartered Global Research said in 'India in the Super Cycle'.
In 2010, the world's major economies were USA ($14.6 trillion), China ($5.7 trillion) and Japan ($5.4 trillion). India did not figure among the top ten, as per International Monetary Fund data.
StanChart said India has potential to catch up with China and the developed world.
"Based on our forecasts, India's nominal GDP could top $30 trillion by 2030, against its current level of around $1.7 trillion.
By 2030, India could be 8.4 times bigger than it is today, while China is estimated to grow 4 times bigger and the EU and US 1.7 times," it said.
The banking giant said that within India there is often a hesitation to anticipate the ability of the economy to grow at a faster pace.
"Often, consensus views of India's growth potential turn out to be too pessimistic. Thus, trend growth has often been assumed to be lower than that which materialists.
Taking all of these factors together, our 9.3 per cent projection for average Indian growth until 2030 may prove conservative.
Trend growth, in my view, could even be nearer 12-13 per cent per annum," it said.
However, the banking entity noted that country's reform agenda need to be sustained for achieving high growth.
"India has the fundamentals to emerge a winner in the super-cycle, potentially becoming the world's third-largest economy by 2030.
India is likely to grow faster, on average, than China over the next two decades," Standard Chartered Global Research said in 'India in the Super Cycle'.
In 2010, the world's major economies were USA ($14.6 trillion), China ($5.7 trillion) and Japan ($5.4 trillion). India did not figure among the top ten, as per International Monetary Fund data.
By 2030, StanChart said India will be at
number three position with an economy of $30.3 trillion, behind China
($73.5 trillion) and US ($38.2 trillion).
It said that the country's demographic advantage, with half its population below the age of 25 years, with rising per capita income will ensure strong domestic demand.
"India has many of the features that will enable it to emerge as a winner in the super-cycle. We believe the winners will be those countries which have cash, commodities, or creativity, or a combination of these factors.
India does not have an abundance of cash or commodities, but it has creative potential," it said.
It said that the country's demographic advantage, with half its population below the age of 25 years, with rising per capita income will ensure strong domestic demand.
"India has many of the features that will enable it to emerge as a winner in the super-cycle. We believe the winners will be those countries which have cash, commodities, or creativity, or a combination of these factors.
India does not have an abundance of cash or commodities, but it has creative potential," it said.
StanChart said India has potential to catch up with China and the developed world.
"Based on our forecasts, India's nominal GDP could top $30 trillion by 2030, against its current level of around $1.7 trillion.
By 2030, India could be 8.4 times bigger than it is today, while China is estimated to grow 4 times bigger and the EU and US 1.7 times," it said.
The banking giant said that within India there is often a hesitation to anticipate the ability of the economy to grow at a faster pace.
"Often, consensus views of India's growth potential turn out to be too pessimistic. Thus, trend growth has often been assumed to be lower than that which materialists.
Taking all of these factors together, our 9.3 per cent projection for average Indian growth until 2030 may prove conservative.
Trend growth, in my view, could even be nearer 12-13 per cent per annum," it said.
By Super-Cycle, StanChart refers to the major periods of global economic growth.
The first super-cycle took place from 1870 till the eve of the First World War in 1913 and saw the USA jumping from the fourth position to become the world's largest economy.
The second super-cycle was from the end of the World War-II in 1945 and lasted till early 1970s and saw emergence of Japan and the East Asian economies.
According to StanChart, the third super-cycle, which is currently in progress and has touched Asia, Middle East, parts of Africa and Latin America could transform the world economy over next few decades.
"China is likely to overtake the US to become the world's biggest economy over the next decade... We factor in a trend rate of growth of 6.9 per cent for China, allowing for setbacks along the way, and of 9.3 per cent for India," the report said.
It further added: "The opening up of India's economy, urbanization, and greater infrastructure spending will support the 'catch-up' process."
I FEEL INDIA IS GROWING , DO YOU????
The first super-cycle took place from 1870 till the eve of the First World War in 1913 and saw the USA jumping from the fourth position to become the world's largest economy.
The second super-cycle was from the end of the World War-II in 1945 and lasted till early 1970s and saw emergence of Japan and the East Asian economies.
According to StanChart, the third super-cycle, which is currently in progress and has touched Asia, Middle East, parts of Africa and Latin America could transform the world economy over next few decades.
"China is likely to overtake the US to become the world's biggest economy over the next decade... We factor in a trend rate of growth of 6.9 per cent for China, allowing for setbacks along the way, and of 9.3 per cent for India," the report said.
It further added: "The opening up of India's economy, urbanization, and greater infrastructure spending will support the 'catch-up' process."
I FEEL INDIA IS GROWING , DO YOU????