India's GDP Per Capita Growth Even Slower Than Nepal, Bangladesh

by GoNews Desk 3 years ago Views 6424

India's GDP Per Capita Even Slower Than Nepal, Ban
The trajectory of the Indian economy in the last few years has made worsening economic conditions quite apparent. Many economists opine that decisions like demonetisation and GST have derailed the growth path to a great extent. Hence, the outcomes have now surfaced. For instance, GDP Per Capita growth in India over the last ten years (2010 to 2020) has been sluggish.

GDP per capita can be defined as a citizen's share in a country's total economy. Its growth rate shows how strong or weak the economic conditions of the citizens are.

A look at the data from the Indian Monetary Fund and the World Bank shows that between 2000-2010, the GDP per capita growth was about 12% but in the next decade (2010 to 2020), it dipped to 3.1%.

To compare India with Bangladesh, then you may find that Bangladesh has registered GDP per capita growth rate of 9.5% between 2010-2020. So, it's apt to say that Bangladesh outshone India in this parameter.

At the same time, the GDP per capita growth rate in China was 16.8% from 2000 to 2010. The growth rate dipped in the next decade but did not fall below 9.2%

Another neighbouring country, Nepal, also made tremendous progress over the last ten years. According to statistics, from 2010 to 2020, the share of every Nepalese in the economy has increased by 6.5%. India has surpassed only Pakistan in this matter, where every person's share of the economy in the entire decade has recorded a growth of only 2.5%.

In the first 10 years of the 21st century, India wrote a spectacular story of progress but then due to domestic and international reasons, the economy began weakening. India's GDP has been falling continuously since FY 2018 and the recent lockdown has broken its back.

About 3 months ago, international consultancy firm McKinsey Global said that the Indian government would have to create 90 million jobs between 2023 and 2030 in addition to the agriculture sector if it wants to keep its economy on track.

In addition to this, 3 crore people will have to be removed from the agricultural sector and put to work in other more productive areas. If this does not happen, there is a possibility that there may be a break on income growth in the country for the next 10 years.

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