The Internet had a mixed reaction to Mr. Grover’s post.
Businessman Ashneer Grover recently took to social media and said that India’s GDP should be measured on the basis of per capita income and called it the “true measure of development”. In a post on website “By growing.” Mark the third/fourth largest economy. Climbing the per capita income charts is a true measure of development.
Totally Correct. Tracking the correct parameters is key. Likewise – we also need to look at our GDP (economy) on a per capita basis and not blindly celebrate the mark of 3rd/4th largest economy. Climbing the charts of per capita income is the true measure of development. https://t.co/KUjUapYtad
– Ashneer Grover (@Ashneer_Grover) November 11, 2023
Many netizens agreed with Grover and stated that the nation should strive to achieve per capita income. Since its publication, his post has received four thousand views and more than five thousand likes.
“True – India’s GDP ranking today is 5. This makes us proud. India’s ranking in terms of per capita income is 128,” one user said.
“True. But per capita may not be a real indicator. We should measure GDP per capita but apply purchase price parity as well. A little money goes a long way in India,” another person commented.
Another added: “Tracking GDP per capita, mental well-being, happiness quotient, health of citizens, and quality of life is important. If the above is not there, being first in the GDP index has no meaning.”
“Per capita income is what we need to track and not GDP. It shows an increase in household income. Likewise, we should also track the green cover index as it is directly linked to floods and landslides,” another user added.
However, some users had a different point of view.
“Per capita income in absolute terms is meaningless. The cost of living in the US and UK is 7 to 8 times higher than in India,” one person said.
“Income per capita is not the real measure. It does not show the distribution of income across the country. There is purchasing power parity. The per capita GDP in the West will always be higher than India,” another user began.
Meanwhile, India, the world’s fifth-largest economy, is likely to overtake Japan to become the world’s third-largest economy with a GDP of US$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 continued to show sustained strong growth during the calendar year 2023.
India’s GDP is expected to grow by 6.2 to 6.3 percent in the fiscal year ending March 2024, making it the fastest growing major economy this fiscal year. Asia’s third-largest economy grew at a stellar 7.8 percent in the April-June quarter.