Posted on 12/20/2016 9:26:35 PM PST by libh8er
Score one for the post-colonial underdog. India’s economy has reportedly overtaken the United Kingdom’s for the first time in over 100 years, now standing as the world’s sixth-largest economy by GDP after the United States, China, Japan, Germany, and France. The milestone is a symbol of India’s rapid economic growth and, conversely, the U.K.’s post-Brexit slump.
Economically, it’s been a banner year for India. In February, it surpassed China as the world’s fastest-growing economy. And in October, the International Monetary Fund predicted India would retain that title for the foreseeable future; its GDP is projected to increase by 7.6 percent through 2017.
“India may have a large population base but this is a big leap,” Kiren Rijiju, India’s minister of state for home affairs, said of the news earlier this week.
India’s former colonial ruler, the United Kingdom, is projected to grow by only 1.8 percent in 2016 and 1.1 percent in 2017. Since it voted to leave the European Union in June, which could entail leaving the EU’s lucrative common market, Britain’s economy and currency have struggled.
(Excerpt) Read more at foreignpolicy.com ...
This is good news, BTW. The more capitalism spreads the more wealth and happiness is created.
Thus the improvement.
It’s surprising that so many here don’t question the validity of the statistics behind the claim that the Indian GDP has overtaken Great Britain. I don’t believe it. Not at all. And I’ve never believed that the Chinese GDP ever overtook Japan, either. We shall soon see in our new Trump-world that these sorts of claims are just propagandistic horsedung. Like the continuous claims made by the world-wide left-wing media that the US has been overtaken by some socialistic backwater or other in some quality-of-life or economic matter, usually Green-driven or tyrannically inspired. We just witnessed the greatest repudiation of the claims of all of the left-wing media outlets with Trump’s victory. Why do we continue to accept their lies uncritically? We all should know better now.
“That’s two former colonies that have eclipsed Great Britain. They need to really contemplate why and the answer lies in Thatcher’s reforms.”
Elaborate please. Not disputing you, just curious as to what kind of reforms you’re referring to and whether they helped the colonies or hurt GB, or both.
Both of whom have much larger populations than Britain. If you aren’t doing as well in absolute terms as a country with a fraction of the population, then your country sucks.
Yep.
I look forward to the Trump administration solidifying our relationship with this great and rising country.
Of course, Modi has ruined the Indian Economy with his demonetization scheme.
After Brexit Britain is also "post-colonial".
Neither do I. All of these government statistics (including our own) are compiled by summing up prices of goods and services sold. When a government is actively manipulating those prices either by subsidy or by regulation or by tariffs then the resulting statistics are polluted.
dream on preacher
Yup, just the other day I called tech support and got Bill, Bill Gates. His English was very good.
Ha! I wonder if he was just humble, or the name of Steve Jobs was already being used in his group...
;-)
Thatcher deregulated the financial markets. In Britain, where they are steeped in socialism like all the other European powers, deregulation of other sectors of the economy would be beneficial.
According to economic historian Angus Maddison in his book Contours of the world economy, 1–2030 AD: essays in macro-economic history, India had the world’s largest economy during the years 1 AD and 1000 AD.[17]
https://en.wikipedia.org/wiki/Economic_history_of_India
https://en.wikipedia.org/wiki/Economic_history_of_India
“According to economic historian Angus Maddison in his book Contours of the world economy, 1–2030 AD: essays in macro-economic history, India had the world’s largest economy during the years 1 AD and 1000 AD.[17]”
“According to economic historian Angus Maddison in his book Contours of the world economy, 1–2030 AD: essays in macro-economic history, India had the world’s largest economy during the years 1 AD and 1000 AD.[17]”
....from Wiki
Article is talking about TOTAL GDP, and NOT GDP/person?
India can outspend GB on military with the bigger national GDP, and have bigger military personnel in uniform by orders of magnitude.
“According to economic historian Angus Maddison in his book Contours of the world economy, 1–2030 AD: essays in macro-economic history, India had the world’s largest economy during the years 1 AD and 1000 AD.[17]”
“...from Wiki”
Yeah, sure, right, uh huh...More bogus statistics, this time from Wiki. And from some guy that claims to know what the historical record was 2000 years ago about the size of world economies. Its just more horsedung thrown at gullible suckers.
Re: “India can outspend GB on military with the bigger national GDP, and have bigger military personnel in uniform by orders of magnitude.”
In 2015, the UK Defense budget ($55.5 billion) was almost 10% larger than India’s Defense budget ($51.3 billion).
The only reason India spends even that much on Defense is because it has two historically hostile neighbors - Pakistan and China.
About 50% of Asian Indians live below, or close to, the poverty level. And in India - unlike the UK - poverty means REAL poverty.
If India dramatically increased its defense budget, millions of Indian citizens would be pushed to the brink of starvation.
By the way - India just revoked the two largest bills in its paper currency.
The reason?
About 90% of businesses and employees deal only in cash to avoid paying taxes.
The only thing India can do to increase its military power is to reduce its spending on conventional military options and spend that money on nuclear weapons and ICBMs.
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