News Report

Will Indians Ever Get Rich? | WHAT DOES THIS DATA SAY | EP 78

To educate the audience not to believe mere rhetoric from politicians, party functionaries and even government officers, without understanding what is being told. Numbers are presented for their convenience to impress voters. All thar glitters may not be gold. As we target a five-trillion-dollar economy, pause and think why people around you are getting poorer. Background Last year our economy crossed three trillion dollars and we became the fifth-largest economy in the world overtaking the United Kingdom. The BJP government never misses a chance to drive home this point which is projected as a major personal achievement of Prime Minister Narendra Modi. Thereafter, many politicians, partymen and government officials started giving their own projects of how fats Indian economy will grow. Defense Minister Rajnath Singh went an extra mile and said that by 2047 India will become the richest country in the world! Is India a strong economy? We have covered miles and miles after independence and credible work has been done by all the Prime Ministers. However, the GDP figures have really no bearing on a common man. These figures in no way reflect the real status of poverty within a country as the GDP is not a measure of poverty. GDP is a measure of business and services done by a nation including import and exports. GDP per capita may remotely reflect some kind of a measure of national participation in the economy – a feel good factor at the best. So, saying that India will become rich just because the economy is growing is rather a misguided statement. GDP at constant rates gives the real feel of growth of an economy. GDP at current prices at today’s value is a stand-alone measure. Politicians always talk at current prices as those figures are always inflated due to several factors such as inflation, currency fluctuations etc. In this episode I bust the hype or over-exaggeration of the fact that Indian economy will reach several milestones in the coming years, which automatically implies that poverty will reduce. Nothing can be far from truth.

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