Question

Comparison between India and the world ​

Answer 1

Explanation:

Per Capita Income

In 2014, the per capita income of an Indian was $1,560. This grew to $1,600 in 2015. Here is a quick comparison table:

largest economies in the world

As you can see in the table above, in both the years, India’s per capita GNI was lower than other major economies like the USA, UK, Japan, Germany, and China. Further, in 2015, the per capita GNI of USA was around 35 times that of India. On the other hand, the purchasing power parity rates of the USA was only 10 times that of India.

In simple words, the official exchange rates showed an exaggerated disparity between the economies while the purchasing power parity figures balanced them. Having said this, the difference between the standard of living of an average American and Indian is large and significant.

If we talk about China, in 2015, the average per capita GNI of China was around 5 times higher than India. Also, the purchasing power parity figures were twice those of India. However, there is a notable difference in the standard of living of an average Chinese and Indian citizen.