The IMF data is a report of 200 countries in terms of per Capita GDP based on purchasing power parity (PPP). Per capita GDP is the measure of the total output of a country and divides it by the number of people. It is helpful in comparing performances of countries. While PPP between two countries is the rate at which the currency of one country needs to be converted into that of a second country to ensure that a given amount of first country’s currency will purchase the same volume of goods and services in the second country as it does in the first.
As per IMF Data Qatar remains world’s richest, in terms of per capita GDP with $1,24,930. Second being Macao at $1,14,430 followed by Luxembourg at $1,09,190.
The BRICS nations have done extremely well , with India performing the least comparitvly to the remaining BRICS nations. Russia has levels of $27,011, China being at $16,620, Brazil at $15,500 and South Africa at $13,400.
India as a whole country has 2.45 lakh millionaires with a total household wealth of $5 trillion. It has increased wealth by 9.9% per annum since 2000. This is much faster than the world’s average of 6 percent.
Given the population of India and a growth of population at 2.2% annually, India is doing comparatively really well. It also boasts of $451 billion in wealth growth which is the 8th largest gain globally by a country.
According to studies, nations with fuel and oil usually boast of high per Capita GDP. India does not have plenty of sources for fuel and oil but is still propelling in terms of economic growth.
India’s economic and financial performance in 2017, has also lead to Moodys upgrading Indias sovereign rating to Baa2 from the lower investment grade of Baa3. PM Modi’s government has taken considerable steps in reform initiatives which have been successful in the economic climate of India.
Department of Economic Affairs Secretary Subhash Chandra Garg, has called the current financial year a transitional one with impact of demonitaisation and the introduction of indirect system of goods and services tax (GST).
While India is the 7th largest economy in terms of nominal GDP and 3rd largest in terms of GDP in Purchasing Power Parity (PPP), India has to tremendously work to increase per capita GDP as per capita GDP provides more clarity on the wellbeing of its citizen.