BRIC GDP growth to surpass output of US, European nations by 2020
"By 2020, the combined economic output of three leading developing countries alone - Brazil, China and India - will surpass the aggregate production of Canada, France, Germany, Italy, the United Kingdom and the United States," said the 2013 Human Development Report, prepared by United Nations Development Programme (UNDP). BRIC includes Russia as well.
Meanwhile, India's position in Human Development Index was 136 out of 187 countries in 2012. It ranked 134 in 2011.
The report said it is misleading to compare values and rankings with those of previously published reports, because the underlying data and methods have changed.
Highlighting the policies of Indian government, it said that investing in world-class tertiary education, building human capabilities and opening up to trade and investment allowed India to capitalise on its stock of skilled workers in technology.
By 2011-2012, these industries were generating $70 billion in export earnings.
Similar tales can be told for India¿s pharmaceuticals, automobile, chemical and service industries, now vigorously competing in world markets, it said.
The result has been a remarkable change in the economy. In 2010, India's trade to output ratio was 46.3 per cent, up from only 15.7 per cent in 1990, it said.
However, it said, India has averaged nearly five per cent income growth a year over 1990-2012 and per capita income is still low, around
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