Ashneer Grover
Entrepreneur Ashneer Grover recently emphasized the importance of measuring India’s Gross Domestic Product (GDP) based on per capita income, calling it the “true measure of development.” Grover’s post on X gained significant traction, with users expressing agreement. One user noted India’s GDP rank as 5th globally but highlighted the lower per capita income rank at 128.
Absolutely correct. Tracking right parameters is the key. Similarly – we also need to look at our GDP (economy) on a per capita basis and not blindly celebrate the tag of 3rd / 4th largest economy. Climbing the charts on per capita income is true measure of development. https://t.co/KUjUapYtad
— Ashneer Grover (@Ashneer_Grover) November 11, 2023
While some supported Grover’s stance, emphasizing the need to consider parameters beyond per capita income, like purchasing power parity, mental well-being, and quality of life, others disagreed. A few argued that per capita income, especially in absolute terms, might not accurately reflect standards of living due to varying costs globally.
Also Read: Sundar Pichai’s Diwali Photo, Captured by Chennai Photographer, Draws Reaction from Priyanka Chopra
In contrast, a dissenting view highlighted challenges in using per capita income as a true measurement, citing income distribution disparities and the impact of purchasing power parity. Despite the ongoing debate, S&P Global Market Intelligence predicted India’s rise to the third-largest economy globally by 2030, with a projected GDP of USD 7.3 trillion, fueled by robust economic growth in 2021 and 2022.
Also Read: Mahua Moitra appointed as district president of Krishnanagar amid cash-for-query row
The forecast indicates India’s GDP growth of 6.2-6.3% in the fiscal year ending March 2024, solidifying its position as the fastest-growing major economy. The country’s impressive 7.8% growth in the April-June quarter underscores its economic resilience and potential ascent in the global economic landscape.
