The following news was headlined by several Indian newspapares, including Hindustan Times. Feels good - doesn't it - to know that we are 12th richest nation in the world and even wealthier than Australia.
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India 12th richest nation in 2005: World Bank
Press Trust of India
Washington, July 8, 2006
India has emerged as the 12th wealthiest nation in the world with its GDP touching $785.47 billion or Rs 35,34,615 crore in 2005, calculated by the World Bank.
US was the wealthiest nation with GDP of $12.46 trillion, according to a list of 15 wealthiest countries prepared by the World Bank in terms of their gross domestic product.
The GDP figures have been adjusted to reflect purchasing power.
While India was way down compared to China, positioned fourth with $2.23 trillion of GDP, it was wealthier than Mexico, Russia and Australia.
The first nine countries had GDP of more than $1 trillion.
The United States was followed by Japan with $4.51 trillion and Germany $2.78 trillion.
Britain, France and Italy occupied fifth, sixth and seventh rank with GDP of $2.19 trillion, $2.11 trillion and $1.72 trillion, respectively.
Next came Spain, Canada, Brazil and South Korea with their GDP estimated at $1.124 trillion, $1.115 trillion, $794.10 billion and $787.62 billion, respectively.
There was no African country among the 15 richest nations, while India was the only south Asian country in the list.
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But let us not stop here. Analyze further. Our joy may be overplayed.
Below I cite the populations of the 12 nations with GDP listed above,and their per capita income. The first figure is GDP, the second number is population in millions and the figure in brackets in per capita income in US dollars.
USA 12.47 T 299 M ($41706)
JAPAN 4.51 T 127.76 M ($35300)
GERMANY 2.78 T 82.47 M ($33709)
CHINA 2.23 T 1308 M ($1704)
BRITAIN 2.19 T 60 M ($36500)
FRANCE 2.11 T 60.65 M ($34790)
ITALY 1.72 T 58.1 M ($29604)
SPAIN 1.124 T 40.34 M ($27863)
CANADA 1.115 T 32.8 M ($35061)
BRAZIL 794.1 B 186.1 M ($4267)
S. KOREA 787.62 B 48.6 M ($16206)
INDIA 785.47 B 1100 M ($714)
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Now poor Australia had 2005 GDP worth 730 billion US dollars only. This number is surely less than the GDP of India - a whopping 785.47 billion. BUT the population of Australia is about 20 million only. Then the 2005 per capita income in Australia was $36500, which makes Australia next to only the US and equal to England in per capita income.
Moral: It is the population stupid in India, that is why the country is poor! We are busy producing babies rather consumer goods.