As California, the US’ richest state, recently overtook France and Brazil to become the world’s sixth largest economy, according to a Bloomberg analysis, a comparison with India...
As California, the US’ richest state, recently overtook France and Brazil to become the world’s sixth largest economy, according to a Bloomberg analysis, a comparison with India reveals that California has three per cent of India’s population but a gross domestic product (GDP) 125 per cent larger.
California, a powerhouse of innovation and technology, has 39 million people; less than Odisha which has a population of 41 million. Texas follows California with a GDP of $1.58 trillion (Rs 105 lakh crore) – 79 percent of India’s current GDP with 2.1 per cent of its population.
This data offers some perspective as India’s economy – ranked eighth in 2015 with a GDP of $2 trillion (Rs 134 lakh crore) – is projected to climb past Brazil, the United Kingdom, France, Germany and Japan and become the world’s third-largest in 2030 with a GDP of $7.3 trillion (Rs 489 lakh crore), according to an IndiaSpend analysis of 2015 US government data.
Over these 15 years, China’s GDP is projected to double to $18.8 trillion (Rs 1,260 lakh crore) – more than twice its current size – helping narrow the gap with the US, whose GDP in 2030 should be $23.8 trillion (Rs 1,595 lakh crore), according to the US projection.
The US economy made up a quarter of the global economy in 2006, 23 per cent in 2015, and will be a fifth by 2030. India’s GDP share in the world will almost double from 3.18 per cent in 2015 to 6.21 per cent in 2030.
The Indian economy will more than double to $5 trillion in a “matter of few years”, said Finance Minister Arun Jaitley in June 2016, as the government steps on its reforms agenda to accelerate growth.
The US projection said India will cross the $5 trillion mark in 2025.