India's economy grew at a record pace in the second calendar quarter. Even as the country grappled with a devastating wave of Covid-19, GDP rose 20.1% in the three months to June 30, compared with a record contraction in the same quarter a year earlier. "The record year-on-year rise in...
India Increases Defense Budget by 10.9 Percent
IHS Jane’s reports that India has announced a core defense budget of $41.1 billion for fiscal year 2015-16. Total defense spending, including expenses for military pensions, will rise to Rs 3 trillion. The figure is a 7.7% increase over the initial 2014-15 budget announced by the previous Congress Party-led government in...
India’s Economy is Now Growing Faster than China’s
Last year, economists at the World Bank, the International Monetary Fund, and Goldman Sachs suggested that within a year or two, India’s economy might be growing more quickly than China’s. But official statistics published on February 9th revealed that India’s GDP rose by 7.5% in 2014, a shade faster than...
GDP: Comparing Countries Over Time
The rise of Eastern economies is more properly called the "return" of these erstwhile economic powerhouses, especially China and India. (Note that Angus Maddison did not seem to value the pre-Columbian nations of the Americas at all in his analysis, so the numbers are perhaps a bit skewed).
Top 5 Global Economies 2030
According to the Wealth Report, those two charts show the nominal GDP per country in 2012 and the predictions for 2030. You can see that the same countries are still part of the top 5 but not in the same order. US and China have switched spot, making China number...