Is India’s GDP per capita really $3395?
Published December 31st, 2005 in business.Is India’s GDP per capita really $3395?
I had this figure thrown at me recently and it just didnt feel right. Well, that works out to roughly Rs.150,000 i.e. Rs. 12,500 per month - which, to anyone who has lived in India, instantly seems like a lot. So it didn’t take much digging to find out that in fact this is actually the GDP per capita in terms of purchase power parity and not the absoulte figure. The absolute GDP per capita is $693 [Rs 31,100 => Rs 2,600 per month] which is a more palatable figure, closer to what I expected. Here’s some more economic data about India for those interested:
Annual data 2005 Population (m) 1,095 GDP (US$ bn; market exchange rate) 758.9 GDP (US$ bn; purchasing power parity) 3,718 GDP per head (US$; market exchange rate) 693 GDP per head (US$; purchasing power parity) 3,395 Exchange rate (av) Rs:US$ 43.6
Foreign trade: India’s trade deficit rose to an estimated US$19.2bn in 2004 in balance-of-payments terms, up from US$8.9bn in 2003. Although exports performed strongly, rising by 31.3% to US$78bn, imports soared by 42% to US$97bn, largely owing to the higher price of oil and to demand for industrial inputs and consumer goods. The US remains India’s largest trading partner, although China has recently become the second-largest market for Indian goods.
You can read more for yourself at http://www.economist.com/countries/India/profile.cfm?folder=Profile-FactSheet
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