Jan. 12 (Asia Today) -- India has surpassed Japan in nominal gross domestic product to become the world's fourth-largest economy, a milestone the Narendra Modi government has cast as an early achievement of its "Viksit Bharat" vision for a more prosperous nation.
But analysts say the headline ranking masks deeper problems, including entrenched inequality and a shortage of stable jobs for a population of about 1.4 billion.
The South China Morning Post reported Monday that India's rapid expansion has not translated into comparable gains in daily living standards. India's per capita GDP stood at about $2,700 in 2024 (about 3.95 million won), roughly one-twelfth of Japan's level and about one-twentieth of Germany's, the report said.
N.R. Banumurthy, dean of the Madras School of Economics in Chennai, said India would need to push potential growth above 7.5% and sustain it longer to make meaningful progress against poverty.
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