Good news. I hope its distribution is more balanced in time to come. I mean difference between the rich & poor becomes narrower.
India 12th wealthiest nation in 2005: World Bank
Washington: India has emerged as the 12th wealthiest nation in the world with its GDP touching $785.47 billion or Rs 35,34,615 crore in 2005, the World Bank has calculated.
The US was the wealthiest nation with GDP of $12.46 trillion, according to a list of 15 wealthiest countries prepared by the World Bank in terms of their gross domestic product.
The GDP figures have been adjusted to reflect purchasing power.
While India was way down compared to China, positioned fourth with $2.23 trillion of GDP, it was wealthier than Mexico, Russia and Australia.
The first nine countries had GDP of more than a trillion dollars.
The United States was followed by Japan with $4.51 trillion and Germany with $2.78 trillion.
Britain, France and Italy occupied fifth, sixth and seventh ranks with GDP of $2.19 trillion, $2.11 trillion and $1.72 trillion respectively.
Next came Spain, Canada, Brazil and South Korea with their GDP estimated at $1.124 trillion, $1.115 trillion, $794.10 billion and $787.62 billion, respectively. There was no African country among the 15 richest nations, while India was the only south Asian country in the list.
Wow. When they statistics lie, they weren't being over zealous. I will just state that this is the stupidest thing I have ever read on GS. Please next time get a bit of edumication.
well that doesnt seem to be working for bakistan or pangladesh(india’s largest neighbours), they breed like rabbits, and their per capita GDP and purchasing power plummet year after year with respect to india.
Well actually, this technique of calculating GDP is not reliable. It must be calculated on Purchasing Power Parity and not dollar GDP. If its calculated at PPP, then I think India was ranked 4th or 5th in the world.
PPP is more accurate, because the rate of goods and services is not the same everywhere. For example, my barber takes Rs.30 (< $1) for a haircut, but in the US the same haircut may cost $20, which is twenty times costlier. A maidservant (with colour TV at her home) charges Rs. 450 per month ($10), but in the US it may be $10 per hour.
So actually PPP reflects the purchasing power of its citizens and how "rich" they are. Dollar GDPs do not necessarily reflect that view.
warna next time chabuk chalay ga 