Why India GDP Is Higher Than Pakistan
Introduction of India GDP Is Higher
India’s GDP, at $3,732 billion, is approximately eleven times larger than Pakistan’s, at $341 billion, as of 2023. The difference is greater in India GDP Is higher than Pakistan nominal terms (eleven times) than in ppp terms (8.36 times).
India’s economy is third in terms of purchasing power parity (PPP) and ranks fifth globally in terms of nominal India GDP is higher. Pakistan is ranked 24 in the PPP and 46 in the nominal rankings. Pakistan’s GDP is significantly smaller than Maharashtra’s ($398 billion).
The state with the greatest economy in India. Even Tamil Nadu, with its $247 billion India GDP is higher, the second largest, is very near. The difference between these two nations peaked in 1973 (13.4x) and decreased to its lowest point in 1993 (5.39x). When India’s nominal GDP exceeded that of Pakistan.
Together, the two nations share 10% and 18.5% of the GDP of Asia as a whole.
GDP per capita has been virtually tied between the two nations. Between 1960 and 2004, India outperformed Pakistan for a mere ten years. Whereas Pakistan outperformed India for thirty-five years. In 1970, Pakistan’s GDP per capita was 1.51 times that of India GDP Is Higher Than Pakistan. Since 2007, the margin has widened in favor of India. At an all-time high, India’s per capita income in 2023 was 1.78 times more than Pakistan’s, based on an exchange rate basis. Pakistan outperformed India in terms of wealth in 2004.
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Both countries rank quite low in terms of global GDP per capita. India is ranked 131 (PPP) and 143 (nominal). Pakistan’s nominal world ranking is 164, but its PPP ranking is 142. 33 in all Pakistan is poorer than 28 states and union territories in India.
Between 2001 and 2019, India GDP is higher increased at a faster rate than Pakistan’s, with Pakistan growing in 2020. India’s GDP grows at a minimum of -5.83% in 2020 and reaches a maximum of 9.63% in 1988. Pakistan experienced a record low of 1.27% in 2020 and an all-time high of 11.35% in 1970. Pakistan saw growth of over 10% in three years between 1961 and 2022, while India did not. India’s GDP growth rate was negative for five years, and Pakistan saw one instance of negative growth.
The following is CIA Fackbook’s breakdown of India’s GDP by sector in 2017
Services (61.5%), Industry (23%), and Agriculture (15.4%). Pakistan’s 2017 GDP composition by sector is made up of services (56.3%), industry (19.1%), and agriculture (24.7%). In his masterpiece “India is Broken,” former World Bank economist and visiting professor Ashoka Mody offers a nuanced and remarkably unique viewpoint. On India’s political-economic history since independence.
In stark contrast to the prevalent euphoria surrounding “Shining India” or “India’s Century,” Mody depicts the leaders’ betrayal of the hopes and dreams of the Indian people. However, a lot of the shortcomings he attributes to India are also applicable to Pakistan.
Although news about India GDP Is Higher Than Pakistan growth may seem encouraging, Mody contends that these figures do not fully reflect the nation’s struggles. With severe job scarcity and vast and growing inequality. He emphasizes the fact that “the Indian economy is not producing enough jobs, particularly those necessary to maintain a respectable quality of living.” A shortage of jobs, estimated at 25 million in 1955, grew worse over the next few decades, with at least 80 million unemployed by 2019. Post-liberalization India the phase of GDP expansion hasn’t done much to clear the backlog of jobs.
According to Mody, progress, which is now enhanced by “fintech’s,” only produces a small number of jobs for highly skilled workers. Although public administration is expanding quickly, there aren’t many career prospects as a result. Alarmingly, he observes that “among other growth sectors, construction (helped by the government’s infrastructure drive) and low-end services (in trade, transport, and hotels) mostly create financially precarious jobs that leave workers one life event away from severe distress.”