The attack was planned by the group, who armed themselves with weapons and used a level of violence that can only suggest they intended to kill him
The IMF on Wednesday caused a big flutter when its World Economic Outlook report said India's per capita GDP is likely to plummet 10.3 per cent to $1,877 - the lowest in four years - due to the sharp economic plunge in the wake of the nationwide lockdown, while Bangladesh is expected to see its per capita GDP grow by four per cent to $1,888.
Indian government sources, however, swiftly countered this, arguing that in purchasing power parity (PPP) terms, India still maintains an edge with its per capita GDP in 2020 is estimated by the IMF at $6,284 as compared to $5,139 for Bangladesh. They contended that data showed that Bangladesh overtaking India in 2020 is a temporary aberration and that India will again overtake Bangladesh in 2021.
They also pointed out that as per the IMF, India's GDP would grow at 8.8 per cent in 2021, twice that of Bangladesh at 4.4 per cent.
With GDP estimated at $2.8 trillion, India is currently ranked as the fifth global economic power after the US, China and Japan.
Analysts are of the view that if the IMF's projection turns out to be accurate, India would become one of the worst performers in terms of growth in South Asia, relegating the country as the third-poorest in South Asia, just above Pakistan and Nepal who are set to report a lower per capita GDP.
The unexpected development drew flak from Congress leader Rahul Gandhi, whose tweet said: "Solid achievement of six years of BJP's hate-filled cultural nationalism: Bangladesh set to overtake India." Countering Gandhi's some analysts argue that under the present government, per capita GDP increased 30.7 per cent as against an uptick of 19.8 per cent under the Congress-led UPA government's second term.
The IMF's stark projection for India comes as a big blow after the country reported an abysmal 23.9 per cent GDP contraction in the first quarter of the calendar year.
Recently, the World Bank also revised downward its forecast for the Indian economy by projecting a contraction of 9.6 per cent, sharper than earlier estimated, for fiscal year 2020-21.
The World Bank's grim forecast comes as a sober reminder that India's aspirations to propel its economy to $5 trillion by 2024-25 will be hardly achievable unless the country attains a growth rate of at least 12 per cent in nominal terms and nine per cent in real terms.
- issacjohn@khaleejtimes.com
The attack was planned by the group, who armed themselves with weapons and used a level of violence that can only suggest they intended to kill him
Fallen crypto hero offers apology to his former FTX colleagues
Sector’s GDP contribution is expected to have nearly doubled this year from 2021 to 36.1%
Rice is grown on 416,000 hectares across Europe and total production amounts to 2.8 million tonnes per year
Investigators say the attackers had received significant amounts of cash and cryptocurrency from Ukraine
Complete breakdown of the positions, along with instructions for job seekers on where to submit their CVs
The company aims to capitalise on technology by connecting its cars with its phones and home appliances
After a five-decade-long career, Juergen Hasenkopf, 73, says he can continue to travel around the world for 10 more years