World Bank projected India as the fastest growing economy among the emerging nations WORLD economies in recent years are unstable and find themselves swinging on a constant basis making it tough for them to survive. However, the newest recovery period has come as a sigh of relief for all developed and developing countries as things are appearing to be much greener. Global authorities such as financial institutions and economical forecasting bodies monitoring the conditions predict a healthy future which is more likely to be filled with business activities. India is specific is all set to score beyond the forecasted figures as it is projected to rise up as the fastest growing economy among all the upcoming economies.
What the world can see about India?
Major business publishers see India’s rising in its PPP (purchasing power parity) and grow to $5.57trillion. The country has already replaced massive economy Japan to take the third spot in the biggest economy list. The report for 2011 by the World Bank in its International Comparison Program (ICP), India was ranked just after the superpowers US and China. The country’s progressive mode is evident as it was placed at the 10th position in the same program in the results for the year 2005.
According to globally renowned news daily, Indian economy surpassed its Japanese counterpart and touched a mark of $5.57 trillion whereas the latter’s economy which was $4.37 trillion. According to the latest result, the Indian economy was around 37% of the US economy which is a tremendous growth when compared to the 19% that came out in the year 2005. The US is world’s largest economic which is very closely chased by another superpower nation China according to the 2011 details posted by the World Bank. Talking in terms of the gross domestic product (GDP); US stands tallest at $15,533 trillion which is twice more than its follower China which is valued at $7, 321 trillion.
Similarly, countries like Norway, Switzerland are world’s most expensive economies which are followed by economies of Australia, Denmark and Bermuda.
Why is India ought to turn a Superpower?
India in comparison has a long distance to cover in order to become a superpower but it is seen as the most powerful amongst the developing nations group, this is true especially in the industrial growth. The World Bank has stated India to be the fastest growing economy from year 2013 to 2016. The estimated growth rate for India is growing beyond the expected numbers. The growth rate in the year 2013 was recorded to be 4.3% and the same is projected to jump up to over 7% with rapid acceleration in multiple industrial segments by the end of 2016. The present year is stated to be the game changer as there are many fresh policies been implemented which are forecasted to have their positive effects in the upcoming years.
India vs. China Clash of the Asian Titans:
Comparisons between India and China, the two rapidly growth economies are unavoidable. The difference between their development rates is narrowing down and it is said to stand at a mere 0.4% by the finish of 2016 from the present notable gap of above 3%. This minimization in the growth rates of these two countries indicate volumes about the rocketing pace at which Asian regions especially India is progressing at.