NEWS ECONOMY INDIA GDP
NEW DELHI: International Monetary Fund (IMF) has painted a grim picture of Indian economy in its latest outlook report. Bangladesh, which India helped create after the Mukti Bahini of Mujibur Rahman drove the Pakistanis out of what was East Pakistan in 1971, is well on the track for faster growth, it said.
The policial stability provided by Prime Minister Sheikh Hasina, daughter of founder leader, is helping Bangladesh grow, and on the right lines. Notably, she is also by curbing Islamic fundamentalist tendencies and maintaining good ties with India.
IMF said Bangladesh is set to outdo India in terms of per capita GDP. India’s GDP growth could, for the first time, be lower than that of neighbouring Bangladesh for 2020. IMF’s estimate is that Bangladesh will cross India in real GDP per capita in 2021. IMF said Indian economy would contract 10.3 per cent next year.
India’s per capita GDP, as per IMF reckoning, would be $1,876.53 in 2020, lower than the $1,887.97 seen for Bangladesh. Also, by 2025, India’s per capita GDP could be $2,729.24, against Bangladesh’s projected per capita GDP of $2,756.10, as per the IMF study.
Notably, China’s per capita GDP in 2020 is likely to be $10,839.43 while those of Nepal and Sri Lanka could be $1,115.56 and $3,697.89 respectively, IMF said.
As Kaushik Basu, a former World Bank chief economist, tweeted in response to the IMF’s updated World Economic Outlook, “India, which had a lead of 25 per cent five years ago, is now trailing in comparison to Bangladesh.” –IHN-NN
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