Bangladesh, India, Pakistan: economy, development

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India vis-à-vis Pakistan

1960-2015, 2020

November 27, 2020: The Times of India

India & Pakistan: Per capita GDP, 1960 to 2019
From: November 27, 2020: The Times of India

India’s GDP growth, 2008-2019
From: November 27, 2020: The Times of India

GDP growth of India & Pakistan, 2008 to 2019
From: November 27, 2020: The Times of India

GDP growth of India & Pakistan, 1960 to 2019
From: November 27, 2020: The Times of India

India vs Pakistan: A tale of two economies

NEW DELHI: India and Pakistan — two of the biggest South Asian nations — started their economic journey around the same time after gaining Independence. Not many know that there was a point in the 1960s when Pakistan's per capita GDP used to be higher than that of India's. However, over the years, India has not only surpassed Pakistan's per capita GDP but taken a commanding lead on almost every economic front.

Pakistan today is facing global criticism for failing to rein in homegrown terror groups even as it grapples with an ailing economy and mounting global debt. India, on the other hand, has become a global frontrunner which recently surpassed the UK to become the fifth largest economy in the world. The stark economic contrast between the the two neighbours shows that Pakistan's unstable government, conflicting power centres, covert support to terror groups, and involvement in global terror strikes such as the 26/11 Mumbai attacks, have bled its economy.

Here's a look at the economic performance of the two nations:

• India is today the fastest growing trillion-dollar economy in the world and the fifth largest overall, according to data compiled by IMF's World Economic Outlook. It jumped from the 9th spot in 2010 to the 5th spot in a span of just nine years. the GDP of India is almost 10 times that of Pakistan, which is placed at the 45th position.

• India's rise has been even more dramatic across the past couple of years. Since 2008, its GDP has risen almost 140 per cent as against an increase of about 63 per cent for Pakistan.

• According to World Bank estimates, in 2019, India's GDP (current $ terms) was $2.875 trillion while that of Pakistan was $278.22 billion.

• In terms of purchasing power parity, India ranks third globally with a GDP of $9.612 trillion in 2019 while Pakistan is at 24th spot with GDP of $1.058 trillion.

• In World Bank's ease of doing business ranking 2020, Pakistan stands at 108 position while India is placed higher at th 63rd spot.

• India’s post-independence journey began as an agrarian nation. However, the manufacturing and services sector have emerged strongly over the years. The service sector is the fastest-growing sector, contributing to more than 60 per cent to its economy and accounting for 28 per cent of the employment. Manufacturing remains as one of its crucial sectors and is being given due push via the governments' initiatives, such as 'Make in India'.