India is well on its way in creating an admirable economy, as proven by the latest improvement of moving up on the ranked list of countries and their GDP per capita. It may not seem like a huge accomplishment, but it definitely shows India’s upward spiral towards a striving economy.
Moving Up A Notch
According to Economic Times, India is now ranked 126th in the list of countries and their GDP per capita. Considering the data is out of approximately 200, it doesn’t look like something to celebrate, but it went up an entire rank in one year. From last year’s GDP of 6,690 USD, India has achieved a 480 dollar increase. We indefinitely can’t wait to see how and the speed at which India’s economy continues to make advancements such as this one, but the nation has a long way to go and lots of battles to fight to reach its deserved destination.
The problem is quite evident, given India still ranks the lowest of the BRICS. India made outstanding economic gains in the mid-2000s, but disappointingly faced a stagnation around 2012. Fortunately, its GDP per capita is projected to increase steadily in the next five years and continue to move its way up the ranking.
The smartest step for India, which it seems to be taking, is the decision to digitize its economy. Invest bank Morgan Stanley believes if India is successful in its digitization transition, its GDP could increase to 6 trillion USD in the next decade (the nation’s current GDP is 2.264 trillion USD). PM Modi’s recent pushes such as the introduction of Aadhar and demonetization seem to point in this direction of this predicted economic growth.
If all goes well and as planned, India will meet these expectations and become the third-largest economy in the world. We have high hopes for you India!