Entrepreneur Ashneer Grover recently took to social media and said that India’s Gross Domestic Product (GDP) should be measured based on per capita income and labelled it as the “true measure of development”. In a post on X (formerly Twitter), the former BharatPe CEO said, “Absolutely correct. Tracking right parameters is the key. Similarly – we also need to look at our GDP (economy) on a per capita basis and not blindly celebrate the tag of 3rd / 4th largest economy. Climbing the charts on per capita income is a true measure of development.”
Absolutely correct. Tracking right parameters is the key. Similarly – we also need to look at our GDP (economy) on a per capita basis and not blindly celebrate the tag of 3rd / 4th largest economy. Climbing the charts on per capita income is true measure of development. https://t.co/KUjUapYtad
— Ashneer Grover (@Ashneer_Grover) November 11, 2023
Several users on the internet agreed with Mr Grover and stated that the nation should strive for per capita income. Since being shared, his post has amassed four lakh views and over five thousand likes.
“Right – India’s Rank today in terms of GDP is 5. That makes us proud. India’s Rank in terms of per capita income is 128,” said a user.
“Correct. But per capita might not be a true indicator. We should measure the Per Capita GDP but apply purchasing Price Parity as well. A little money goes a long way in India,” commented a second person.
Another added, “Tracking gdp per capita , mental wellbeing , happiness quotient , health of citizens , quality of life matters . If the above is not there then even being the 1st in gdp index doesn’t make any sense.”
“Per Capita Income is what we need to tracking and not GDP. It shows increase in household income. Similarly, we should be tracking Green Cover Index as well because it is directly linked to the floods and landslides,” added another user.
However, some users had a different viewpoint.
“Per capita income in absolute terms makes no sense. Cost of living in US, UK is 7-8 times more than india,” said a person.
“Per capita income isn’t the true measurement. It doesn’t shows income distribution throughout the country. And there is PPP. The west’s GDP per capita will always higher than India,” commenced another user.
Meanwhile, India, the world’s fifth largest economy in the world, is likely to overtake Japan to become the world’s third-largest economy with a GDP of USD 7.3 trillion by 2030, S&P Global Market Intelligence said. After two years of rapid economic growth in 2021 and 2022, the Indian economy has continued to show sustained strong growth during the 2023 calendar year.
India’s GDP is expected to grow 6.2-6.3 per cent in the fiscal year ending in March 2024, being the fastest-growing major economy this fiscal year. Asia’s third-largest economy grew by a stellar 7.8 per cent in the April-June quarter.