India has done itself proud by becoming the world`s 5th largest economy ~ $3.8trn . A long way from $274bn GDP (as per IMF data) in 1991 when economic reforms were unleashed. Many pundits are hailing India having reached an exalted level on the economic front.
However, these pundits should look at the other 2 main critical indicators for an economy -- GDP per capita - Shows prosperity per person in the country.
- Gini coefficient - Indicates the level of inequality in economic development. Between the rich and poor / haves and have not!
India`s GDP per capita of $3,100 / person, as per IMF data, ranks it a lowly 140 rank. Gini coefficient score of 43.3, as per Worldeconomics.com, ranks it a very low ranking amongst its peers!
While we can celebrate the 5th ranking milestone but the real story of development and the way forward needs to be highlighted and worked upon. India needs to chart a completely different growth story as compared to its peers in the top 5 club !!
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