India, now a $1-trillion economy!
http://www.rediff.com/money/2007/apr/26india.htm
I would like to congratulate the indian ppl , you guys deserve this because of ur hardwork:) keep it up
Full Version: Congratulation India
Wow, I also want to congratulate India on this. 
Great thread.
In terms of GDP PPP, India is already ranked #3, passing Japan.
Great thread.
In terms of GDP PPP, India is already ranked #3, passing Japan.
Tony 
I guess no Indians care if their country reaches $1 Trillion economy
because no Indians post in this thread yet.
I guess no Indians care if their country reaches $1 Trillion economy
because no Indians post in this thread yet.
Indians do care. Those indians in foreign countries who have no knowledge of their country of origin don't take much interest but others do. It is a very good news that India is making big strides economically. 
Wow! Such a big news!
Subhkamna, Badhae Bhārat Gaṇarājya!
Subhkamna, Badhae Bhārat Gaṇarājya!
Sorry for my ignorance I also have a few queries here
Firstly, by looking at table provided by that redcliff site, I can see two mistakes, the first one is the USA'GDP , according to many statistics sources such as CIA factbook, wikipedia , statistics site, the USA's GDP stands at 12,498 not 13,546 . Seconly, China's GDP in 2006 was 2.7 trillions not 2.5 , so can anyone help me to verify these two please.
The second question is , if u look at the table provided by socal and the CIA factbook, Indian economy stood at about $800 billions in the end of 2006, again this puzzles me a lot , how can it shoot all the way from 800 to 1000 ?
Thank you
Firstly, by looking at table provided by that redcliff site, I can see two mistakes, the first one is the USA'GDP , according to many statistics sources such as CIA factbook, wikipedia , statistics site, the USA's GDP stands at 12,498 not 13,546 . Seconly, China's GDP in 2006 was 2.7 trillions not 2.5 , so can anyone help me to verify these two please.
The second question is , if u look at the table provided by socal and the CIA factbook, Indian economy stood at about $800 billions in the end of 2006, again this puzzles me a lot , how can it shoot all the way from 800 to 1000 ?
Thank you
Socal
Was this table released before march or around January ?? can you tell me when please
thank you
Was this table released before march or around January ?? can you tell me when please
thank you
Nobody cares, everybody is busy making money.
What's more concerning is the last part:
If this is true, then that would mean the average per capita income of Overseas Indians would be $50,000 per capita (really?). Those rich bastards should go back to India and contribute to their economy.
QUOTE
Combined NRI wealth more than India's GDP
The combined wealth of the 20-million strong non-resident Indians community is estimated to be over $1 trillion dollars -- more than the country's entire economy.
Overseas Indians are estimated to hold financial wealth, apart from real estate, gold and art, of over $500 billion. The total wealth would be over $1 trillion, according to the report by High-Powered Expert Committee appointed by the Centre to suggest ways to make Mumbai an international financial centre.
These NRIs were a natural beachhead as a customer base where an Indian Personal Wealth Management industry can get started. Their wealth management services were presently being sourced almost exclusively from abroad, the report said.
The report listed 11 activities typically provided by an international financial centre (IFC) and referred to PWM as one of the most important activities undertaken at an IFC.
According to the report, PWM for high-net worth individuals is estimated to involve management of personal assets of $8-10 trillion globally.
The combined wealth of the 20-million strong non-resident Indians community is estimated to be over $1 trillion dollars -- more than the country's entire economy.
Overseas Indians are estimated to hold financial wealth, apart from real estate, gold and art, of over $500 billion. The total wealth would be over $1 trillion, according to the report by High-Powered Expert Committee appointed by the Centre to suggest ways to make Mumbai an international financial centre.
These NRIs were a natural beachhead as a customer base where an Indian Personal Wealth Management industry can get started. Their wealth management services were presently being sourced almost exclusively from abroad, the report said.
The report listed 11 activities typically provided by an international financial centre (IFC) and referred to PWM as one of the most important activities undertaken at an IFC.
According to the report, PWM for high-net worth individuals is estimated to involve management of personal assets of $8-10 trillion globally.
If this is true, then that would mean the average per capita income of Overseas Indians would be $50,000 per capita (really?). Those rich bastards should go back to India and contribute to their economy.
Congrats to Indians! 
QUOTE(Jagger @ Apr 29 2007, 10:40 AM) 
What's more concerning is the last part:
If this is true, then that would mean the average per capita income of Overseas Indians would be $50,000 per capita (really?). Those rich bastards should go back to India and contribute to their economy.
If this is true, then that would mean the average per capita income of Overseas Indians would be $50,000 per capita (really?). Those rich bastards should go back to India and contribute to their economy.
Many Overseas Indians send money back to India.
Please check out this graph. I am not lying.
In 2005, India received about $22 Billion while Vietnam received $3 Billion in remittance.
Look at the graph, India received about $22 Billion while China received about $21.5 Billion.
http://alexmthomas.wordpress.com/tag/remittances/
The Indian scenario
Remittances to India have increased at about 13 per cent a year since 1991, making India one of the largest recipients of remittances in the world. They have been the most stable type of external flows in India. They have been crucial in improving the current account and in the consequent build-up of foreign exchange in the last few years.
QUOTE(SoCal @ Apr 30 2007, 01:59 AM)
Many Overseas Indians send money back to India.
Please check out this graph. I am not lying.
In 2005, India received about $22 Billion while Vietnam received $3 Billion in remittance.
Look at the graph, India received about $22 Billion while China received about $21.5 Billion.
http://alexmthomas.wordpress.com/tag/remittances/
The Indian scenario
Remittances to India have increased at about 13 per cent a year since 1991, making India one of the largest recipients of remittances in the world. They have been the most stable type of external flows in India. They have been crucial in improving the current account and in the consequent build-up of foreign exchange in the last few years.
Please check out this graph. I am not lying.
In 2005, India received about $22 Billion while Vietnam received $3 Billion in remittance.
Look at the graph, India received about $22 Billion while China received about $21.5 Billion.
http://alexmthomas.wordpress.com/tag/remittances/
The Indian scenario
Remittances to India have increased at about 13 per cent a year since 1991, making India one of the largest recipients of remittances in the world. They have been the most stable type of external flows in India. They have been crucial in improving the current account and in the consequent build-up of foreign exchange in the last few years.
Hi socal ,
Thank you for the link
Do the figures increase every year and by how many percent ? or just stay like this
Can NRIs celebrate India's trillion-dollar economy?
Kul Bhushan, IANS
May 05, 2007
If an American NRI visits India now, his dollars will buy much less. This is because the Indian rupee has strengthened against the dollar since 2002, crossing the watershed of Rs 41 to one dollar last week.
By this crossing, India joined the top dozen countries in the trillion-dollar club. The Indian economy is a trillion-dollar economy since its GDP is now valued at Rs 41 trillion. In 1998, the dollar was valued at Rs 41.26 but the Indian economy was not so big in terms of GDP.
Then the dollar become stronger vis-à-vis the rupee to 43.05 on its average annual rate in 1999, moving up to 44.94 in 2000, 47.18 in 2001, touching a peak of 48.59 in 2002. At one point in 2002, the dollar commanded over Rs 49! Then it started declining to 46.58 in 2003, easing off to 45.31 in 2004, edging down to 44.10 in 2005 and touching 43.21 in 2006.
Now when the dollar touched Rs 41, India entered this exclusive Club because its economy has grown dramatically in the last nine years.
So, is it an occasion for NRIs to celebrate India's progress?
For a start, the NRI visitor will get less for his dollars in India. This is a lot less than Rs 48-49 he got for his dollar in 2002. But his Indian relative visiting him on holiday in the US will have a few more dollars to spend there.
If the NRI wants to buy property in India, it will make a dent in his cash flow, as he will transfer many more dollars for the same property price. He would have been better off if he had bought his property five years ago when the prices were not so astronomical and the dollar was at a peak versus the rupee. For NRIs importing goods and services from India, may pay more but in almost all cases, Indian exporters always quote in dollars and this will not make much difference.
The NRI investor will benefit twice over. The Indian stock market capitalisation at $944 billion is still shy of the one trillion mark. A Credit Suisse report said that going by history, stock markets in eight out of 10 countries had risen in a one-year period after they first crossed the $1 trillion mark in GDP. Thus the Sensex can possibly maintain its bull run despite the yo-yo performance this year. So an NRI investing in Indian stocks can reap twin benefits of exchange rate and dividends over a period.
If an NRI is exporting goods to India, he may find that the demand is higher because Indian importers of American goods will now find them cheaper. So the NRI exporter to India stands to benefit by selling more. Another factor is the high growth of Indian economy and so the higher demand for 'capital goods' and specialized equipment to set up new factories and businesses.
A number of Indian companies rely heavily on imported capital equipment and consumables on a regular basis and they may well expand their operations if they save on their import costs from the US.
NRIs can also look forward to more Indian companies buying out more foreign companies. With a stronger rupee, they will pay less in terms of dollars for their new acquisitions. The Reserve Bank of India has recently allowed all Indians to invest up to $100,000 every year. Now NRIs may find their Indian cousins not just on a shopping spree in the US but also scouting for stocks by paying less for their dollar investments in rupees.
The Indian cousins may well become their neighbours after investing in property because they pay a down payment of $100,000, get a mortgage from an American bank with operations in India or an Indian bank with operations in the US and pay the balance over the next few years - all legally!
India, as an economy, stands to gain from this rupee-dollar rate. A big chunk of India's imports are crude oil and gold. Oil imports make up a third of all imports into India. Gold is consumed in large quantities in India. Now Indians will benefit by paying less for both these commodities. NRIs in the US buy a lot of gold ornaments before any wedding in the family. Now they can come to India to buy them as gold ornaments will perhaps be cheaper for them in India than in the US.
The trillion dollar club has only 12 members; the top member US having GDP of $13.4 trillion while number two Japan has a GDP of $4.4 trillion and the rest have GDP of between two and one trillion dollars. Now India has made it to this club, so all NRIs can celebrate!
SOURCE - http://www.hindustantimes.com
Kul Bhushan, IANS
May 05, 2007
If an American NRI visits India now, his dollars will buy much less. This is because the Indian rupee has strengthened against the dollar since 2002, crossing the watershed of Rs 41 to one dollar last week.
By this crossing, India joined the top dozen countries in the trillion-dollar club. The Indian economy is a trillion-dollar economy since its GDP is now valued at Rs 41 trillion. In 1998, the dollar was valued at Rs 41.26 but the Indian economy was not so big in terms of GDP.
Then the dollar become stronger vis-à-vis the rupee to 43.05 on its average annual rate in 1999, moving up to 44.94 in 2000, 47.18 in 2001, touching a peak of 48.59 in 2002. At one point in 2002, the dollar commanded over Rs 49! Then it started declining to 46.58 in 2003, easing off to 45.31 in 2004, edging down to 44.10 in 2005 and touching 43.21 in 2006.
Now when the dollar touched Rs 41, India entered this exclusive Club because its economy has grown dramatically in the last nine years.
So, is it an occasion for NRIs to celebrate India's progress?
For a start, the NRI visitor will get less for his dollars in India. This is a lot less than Rs 48-49 he got for his dollar in 2002. But his Indian relative visiting him on holiday in the US will have a few more dollars to spend there.
If the NRI wants to buy property in India, it will make a dent in his cash flow, as he will transfer many more dollars for the same property price. He would have been better off if he had bought his property five years ago when the prices were not so astronomical and the dollar was at a peak versus the rupee. For NRIs importing goods and services from India, may pay more but in almost all cases, Indian exporters always quote in dollars and this will not make much difference.
The NRI investor will benefit twice over. The Indian stock market capitalisation at $944 billion is still shy of the one trillion mark. A Credit Suisse report said that going by history, stock markets in eight out of 10 countries had risen in a one-year period after they first crossed the $1 trillion mark in GDP. Thus the Sensex can possibly maintain its bull run despite the yo-yo performance this year. So an NRI investing in Indian stocks can reap twin benefits of exchange rate and dividends over a period.
If an NRI is exporting goods to India, he may find that the demand is higher because Indian importers of American goods will now find them cheaper. So the NRI exporter to India stands to benefit by selling more. Another factor is the high growth of Indian economy and so the higher demand for 'capital goods' and specialized equipment to set up new factories and businesses.
A number of Indian companies rely heavily on imported capital equipment and consumables on a regular basis and they may well expand their operations if they save on their import costs from the US.
NRIs can also look forward to more Indian companies buying out more foreign companies. With a stronger rupee, they will pay less in terms of dollars for their new acquisitions. The Reserve Bank of India has recently allowed all Indians to invest up to $100,000 every year. Now NRIs may find their Indian cousins not just on a shopping spree in the US but also scouting for stocks by paying less for their dollar investments in rupees.
The Indian cousins may well become their neighbours after investing in property because they pay a down payment of $100,000, get a mortgage from an American bank with operations in India or an Indian bank with operations in the US and pay the balance over the next few years - all legally!
India, as an economy, stands to gain from this rupee-dollar rate. A big chunk of India's imports are crude oil and gold. Oil imports make up a third of all imports into India. Gold is consumed in large quantities in India. Now Indians will benefit by paying less for both these commodities. NRIs in the US buy a lot of gold ornaments before any wedding in the family. Now they can come to India to buy them as gold ornaments will perhaps be cheaper for them in India than in the US.
The trillion dollar club has only 12 members; the top member US having GDP of $13.4 trillion while number two Japan has a GDP of $4.4 trillion and the rest have GDP of between two and one trillion dollars. Now India has made it to this club, so all NRIs can celebrate!
SOURCE - http://www.hindustantimes.com
I hope this continues to increase. thanx for the news!
QUOTE(SoCal @ Apr 30 2007, 01:59 AM)
Many Overseas Indians send money back to India.
Please check out this graph. I am not lying.
In 2005, India received about $22 Billion while Vietnam received $3 Billion in remittance.
Look at the graph, India received about $22 Billion while China received about $21.5 Billion.
http://alexmthomas.wordpress.com/tag/remittances/
The Indian scenario
Remittances to India have increased at about 13 per cent a year since 1991, making India one of the largest recipients of remittances in the world. They have been the most stable type of external flows in India. They have been crucial in improving the current account and in the consequent build-up of foreign exchange in the last few years.
Please check out this graph. I am not lying.
In 2005, India received about $22 Billion while Vietnam received $3 Billion in remittance.
Look at the graph, India received about $22 Billion while China received about $21.5 Billion.
http://alexmthomas.wordpress.com/tag/remittances/
The Indian scenario
Remittances to India have increased at about 13 per cent a year since 1991, making India one of the largest recipients of remittances in the world. They have been the most stable type of external flows in India. They have been crucial in improving the current account and in the consequent build-up of foreign exchange in the last few years.
You have some interesting numbers. It would be nice if you provided some links. I find what's happening in India very fascinating. On the one hand, their economy seems to be growing but the overpopulation problem is something that they have yet to control. Unlike China, population in India is growing. How will this effect India in the long run?
Overpopulation is one giant headache in the modern world.
Congratulations and much success. http://www.virtualposy.com/Congratulation....b4-1346ef496190
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