By 2050 india will beat us, be next only to China (headlines of Times of India).What does it mean?

Question

Does that mean that a common man in India would be richer than a common man in America by 2050? If no then what does it exactly mean. (this is a BRIC's report)

Can u plz explain it in a lame man's language

Answer 1

These predictions are not on per capita basis but the country as a whole. It means the total economy (income+spending) of India might exceed that of US by 2050. The population of India is about 1.2 billion (official 1). That is 4 times the US population.So even when Indian economy equals American, the individuals would be only 25% as prosperous, or less, given the population growth of India is higher.

Answer 2

let me just tell u the meaning IF THIS REPORT BECOMES THE TRUTH IN 2050
it would mean that India would become OVERALL richer than the US. it means our GDP (Gross Domestic Product) would exceed that of US, but be behind China. period.
economic dev does not always mean social dev. india's population is huge, so the per capita income (income per head) would still be lower than that of the US.
but yes, eco dev does lead greatly to social development.
the report does not mean that the common man would be richer or poorer. it just means that India will have more money than the US. that's all.
but hey, that also has a lot of meaning! it effectively means India could be the next US. u interpret that in anyway u like.
but be warned, the report assumes that India can keep up the 9% growth... so better wait till 2050 to know what this really means!

Answer 3

Ha, sorry to tell you this but if you look at the current sizes of the economies, their growth rates, and realistic expectations of possible growth, no, India certainly will not be close to the US even by 2050. China, which is far ahead of India now, also is not so likely to have caught up to the US by then, and in fact for demographic reasons China may well never catch up to the US.

Don't take my word for it and certainly don't bother with what ignorant journalists are reporting. Plug current numbers into an Excel spreadsheet, use a little common sense, and model it yourself. No chance.

A mistake people make is to assume china and India will continue to grow their economies at 9 or 10%, every year, forever. Well India wouldn't catch up to the US by 2050 even if it DID do that, but in any case it and China won't -- that is hopelessly naive. Those countries can grow so fast right now because comparatively huge outside economies in US, Europe, and Japan are sucking up output from China and India as fast as they can get organized to produce. It would be as if super-wealthy aliens landed in the US wanting to hoover up everything US industry could churn out.

But this situation cannot persist, as China & India gain in size relative to Japan/Europe/US -- and furthermore as the economies of Japan and Europe inevitably stagnate due to demographics -- and as the process of moving peasant farmers to cities begins to taper over the decades, GDP growth in China and India will definitely slow down -- this is a certainty. And if you lower those growth assumptions to even a good 6-7% over time, those scenarios of China and especially India catching up to the US in anything like 40 years become vapor.

Answer 4

the project is that the U. S. isn't various one powerhouse anymore. lower back interior the 1980's human beings protested because there have been too many factories interior the U. S. and it become polluting the air; because then, a median of 40 six% of the factories have closed that signifies that we do not produce as a lot. China makes more suitable, and for far less. it has no longer something to do with the President, and if it did then Obama isn't the a million responsible; it will be BUSH. to me, China has already exceeded the U. S. in maximum industries which include, music, corporation, movie,retail, technologies, and so on. the project isn't the colleges, instructors or classes..the project is the students. in China, the students are frowned upon in the experience that they make C;s and B;s. yet in u . s . of america a 2.5 GPA is seen generic; a 2.5 GPA is all C;s and B or 2 reckoning on scale and weight of classes. human beings also worship celebs too a lot instead of reading and such. real international, lower than the impact of alcohol hoes lengthy gone wild, hulk hogan family members, and so on. is surpassing the preparation frightening shows in score. that isn't any ONES FAULT yet OUR era, we want to end attempting to BE THE victims.

Answer 5

It means the officially calculated GDP of India will be just next to that of China in magnitude.
They don't talk about the status of common man, extent of corruption or of human dignity

Answer 6

I think the tradeworld. We will be left behind. I think we are already. China is a huge exporter and rising. It used to be Japan but they are lagging too.India is rising in the world of trade at a rapid rate. Their prices are so cheap and labour that the rest of the world cannot compete let alone us. Our economy will suffer with loss of jobs as a result.