EMERGING ECONOMIES India the Fastest Growing Country

Journal of Extension System
Year: 2019 (June), Volume: (35), Issue. (1)
First page: (33) Last page: (42)
Online ISSN: 2582-273X
Print ISSN: 0970-2989
doi:

EMERGING ECONOMIES
India the Fastest Growing Country

O. S. Verma

1School of Government , Universiti Utara Malaysia
2 School of International Studies , Universiti Utara Malaysia
3 School of Business Management , Universiti Utara Malaysia

Corresponding Author: Mohamad Ibrahim Hassan Mohamad Al Jasmi
Email: mohamad_ibrahim_h@gsgsg.uum.edu.my

Online Published:
3rd June 2019

Received:
13th January 2019

Accepted:
8th May 2019

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ABSTRACT

The IMF estimates for GDP growth at constant prices show that India’s Growth Rate at 7.4 per cent in 2018 was the World’s Seventh highest. This is the fastest growth rate among 10 largest economies of the World. See the Graphic design Figure. The Growth Rate alone, however is a misleading indicator as even a small difference in overall size of the economies of countries with a low GDP base will inflate the percentage figure. For example, China, the USA, and Germany despite growing at a slower rate as compared to India added for more to their economies. China added 1190 billion US dollars to its economy at current prices compared to India’s 240 billion US dollars. This is 5 times more of India. It means addition in absolute term to the economies of the countries is the significant factor that matters in the Growth Rate. What is GDP actually? The GDP, Gross Domestic Products, is the market value of all goods and services produced in an economy in a specific period usually per annum. In most countries, a major share of economic production is for self consumption. Hence, GDP gives an idea of the general standard of living.

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