Monday, March 1, 2021

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Booming Indian Economy: India The 6th Wealthiest Nation In The World

The Indian Economy is consistently progressing over the years. Both in terms of GDP and PPP, the Indian Economy has made significant progress. The New World Wealth report of 2018 has placed India at the sixth position in the list of wealthiest nations in the world.

With a wealth of USD 8,230 billion, India stands at number 6 behind the United States at the top, China at number 2, and Japan at number 3. The total wealth of a nation taken into account refers to the total wealth privately held by the individuals living in every city of the country. It further takes into account all their assets including cash, business, property and equities and minuses the liabilities. The government funds are not taken into account for the same. The rising Indian economy is thus a result of the rise in individual capacity.

Read: BITCOIN – The Biggest Risk for the Global Economy

Indian Economy: Nation Ahead of France, Canada, and Australia in Terms Of Wealth

Going further, the list also includes the United Kingdom at number and Germany at number 5, ahead of India. Reflecting on the growing Indian economy, India stands ahead of a number of wealthy nations including France at number 7, Canada at number 8, Australia at number 9, and Italy at number 10.

Read at EurAsian Times: Why is the Property Market in India at All Time Low?

The authors of the New World Wealth report state that the year was a ‘good year’ for all top ten nations in the list owing to strong market gains in the global economy. The report added that the MSCI world index recorded a 23 percent rise while the Dow Jones index was up by 26 percent during the financial year, in terms of US Dollar. The authors further said that the collective wealth held by India, USA, China, Japan, and Australia grew ‘strongly’. The rising Indian economy thus reflects on the consistent measures taken by the nation towards progressing and making a global impact.

The Indian Economy Compliments ‘The Best Global Wealth Rise’

Among all top 10 nations, also known as W10 nations, the report says that India performed the best with a rise in wealth at 25 percent from USD 6,584 billion in the year 2016 to USD 8,230 billion in 2017. China, on the other hand, stood second in terms of growth pace as its wealth increased by 22 percent during the year. Global wealth overall grew from USD 192 trillion to USD 215 trillion over the last year, recording a 12 percent rise. The Indian economy is expected to continue to grow and surge at 7.5 percent according to IMF

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