{"id":289903,"date":"2024-04-08T19:05:04","date_gmt":"2024-04-08T13:35:04","guid":{"rendered":"https:\/\/forumias.com\/blog\/?p=289903"},"modified":"2024-04-08T19:05:04","modified_gmt":"2024-04-08T13:35:04","slug":"importance-of-per-capita-gdp-express-view-on-pms-guarantee-for-indian-economy","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/importance-of-per-capita-gdp-express-view-on-pms-guarantee-for-indian-economy\/","title":{"rendered":"Importance of Per Capita GDP: Express View on PM\u2019s \u2018guarantee\u2019 for Indian economy"},"content":{"rendered":"

Source: The post Per Capita GDP important has been created, based on the article \u201cExpress View on PM\u2019s \u2018guarantee\u2019 for Indian economy: Goal worth setting<\/strong>\u201d published in \u201cIndian express<\/strong>\u201d on 8th April 2024.<\/p>\n

UPSC Syllabus Topic:<\/strong> GS Paper 3-Economy-growth and development<\/p>\n

News<\/strong>: The article discusses India’s economic growth under present government. It moved from the world’s 10th largest economy to 5th, but the growth rate was slower than before.<\/p>\n

What has been India\u2019s economic growth during the last 10 years?<\/strong><\/h2>\n

Over the last 10 years, India’s economy has grown, moving from the 10th to the 5th largest globally.<\/p>\n

However, the annual GDP growth rate averaged 5.9% under the present Indian government, slower than the previous 6.8% under the previous Indian government.<\/p>\n

Despite this growth, India’s per capita GDP remains low at just over $2,500, compared to China’s $13,000.<\/p>\n

Why is Per Capita GDP important?<\/strong><\/h2>\n

Measure of Living Standards:<\/strong> Per capita GDP indicates the average income per person, directly relating to the population’s living standards.<\/p>\n

Beyond Poverty Elimination: <\/strong>It provides a more comprehensive economic goal than just reducing poverty, focusing on overall improvement in quality of life.<\/p>\n

Policy Making Tool:<\/strong> Setting targets for per capita GDP helps policymakers in planning and implementing strategies for sustainable and inclusive economic growth.<\/p>\n

Long-term Vision:<\/strong> India’s aim to quadruple its per capita GDP by 2047 is an example of using these targets for long-term economic planning and development.<\/p>\n

For more information read here<\/a><\/p>\n

What should be done?<\/strong><\/h2>\n

Prioritize policies that boost income and quality of life, not just the overall economy size.<\/p>\n

Aim for a broader development than just GDP size, ensuring benefits reach all sectors of society.<\/p>\n

Address the gap in economic growth compared to countries like China; India’s per capita GDP growth has lagged behind.<\/p>\n

Align goals with developed nation status: Strive to reach the ‘high income’ status as defined by the World Bank, moving beyond the current ‘lower-middle income’ classification.<\/p>\n

Questions for practice:<\/strong><\/p>\n

Examine India’s economic growth trends over the past decade and the importance of per capita GDP in evaluating its progress and policy priorities.<\/p>\n","protected":false},"excerpt":{"rendered":"

Source: The post Per Capita GDP important has been created, based on the article \u201cExpress View on PM\u2019s \u2018guarantee\u2019 for Indian economy: Goal worth setting\u201d published in \u201cIndian express\u201d on 8th April 2024. UPSC Syllabus Topic: GS Paper 3-Economy-growth and development News: The article discusses India’s economic growth under present government. It moved from the… Continue reading Importance of Per Capita GDP: Express View on PM\u2019s \u2018guarantee\u2019 for Indian economy<\/span><\/a><\/p>\n","protected":false},"author":10320,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[216,8184,10500],"class_list":["post-289903","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-gs-paper-3","tag-indian-economy","tag-indian-express","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/289903","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10320"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=289903"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/289903\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=289903"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=289903"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=289903"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}