india
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what is a “developed country”?
indianfolk.com: refers to those which have highly progressed economies and have shown great technological progresses, as compared to other nations. they display low industrialization and low human development indes.
these include: the US, Britain, Japan
indianfolk.com: refers to those which have highly progressed economies and have shown great technological progresses, as compared to other nations. they display low industrialization and low human development indes.
these include: the US, Britain, Japan
Photo by Ibrahim Rifath
what qualifies a “developing country”
dictionary.com defines it as: A nation where the average income is much lower than in industrial nations, where the economy relies on a few export crops, and where farming is conducted by primitive methods. In many developing nations, rapid population growth threatens the supply of food. Developing nations have also been called underdeveloped nations.
dictionary.com defines it as: A nation where the average income is much lower than in industrial nations, where the economy relies on a few export crops, and where farming is conducted by primitive methods. In many developing nations, rapid population growth threatens the supply of food. Developing nations have also been called underdeveloped nations.
Photo by Trey Ratcliff
GNP, GDP, & GNI
economicshelp.org gives us a good idea about what these two mean.
GDP (Gross Domestic Product) is a measure of (national income = national output = national expenditure) produced in a particular country.
GNP (Gross National Product) = GDP + net property income from abroad. This net income from abroad includes dividends, interest and profit.
GNI (Gross National Income) = (similar to GNP) includes the value of all goods and services produced by nationals – whether in the country or not.
insight: Some economists prefer to see a per capita GDP of at least $25,000 to be comfortable declaring a country as developed, however. Many highly developed countries, including the United States, have high per capita GDPs of $40,000 or above.
economicshelp.org gives us a good idea about what these two mean.
GDP (Gross Domestic Product) is a measure of (national income = national output = national expenditure) produced in a particular country.
GNP (Gross National Product) = GDP + net property income from abroad. This net income from abroad includes dividends, interest and profit.
GNI (Gross National Income) = (similar to GNP) includes the value of all goods and services produced by nationals – whether in the country or not.
insight: Some economists prefer to see a per capita GDP of at least $25,000 to be comfortable declaring a country as developed, however. Many highly developed countries, including the United States, have high per capita GDPs of $40,000 or above.
lets just take a look at china
To suggest how a hypothetical average citizen might experience a nation’s economic output, the more relevant statistic is GDP per capita. The population of China can be 280 times larger than the population of Ireland. Yet the typical Irish person ($75,500) is nearly five times richer than his Chinese counterpart ($16,700), even though despite the fact that his country is 280 times smaller. But if GDP per capita is a useful equalizer for comparative analysis, it should also be taken with a grain of salt. China is not a developed country. Despite having the world's second-largest economy and third-largest military, China is still not classified as a developed country. The biggest reason: the country's per capita GDP remains below any accepted minimum threshold for developed-country status. Other attributes indicating China is not developed include its high proportion of agriculture and low level of technological innovation. Poverty was once widespread in China; in 2012 it was over 6%, though it made a significant drop to 0.7% in 2015.9
As of 2016, China's per capita GDP is $8,123.1 Its life expectancy is 75, and its infant mortality rate is nine per 1,000 live births.
To suggest how a hypothetical average citizen might experience a nation’s economic output, the more relevant statistic is GDP per capita. The population of China can be 280 times larger than the population of Ireland. Yet the typical Irish person ($75,500) is nearly five times richer than his Chinese counterpart ($16,700), even though despite the fact that his country is 280 times smaller. But if GDP per capita is a useful equalizer for comparative analysis, it should also be taken with a grain of salt. China is not a developed country. Despite having the world's second-largest economy and third-largest military, China is still not classified as a developed country. The biggest reason: the country's per capita GDP remains below any accepted minimum threshold for developed-country status. Other attributes indicating China is not developed include its high proportion of agriculture and low level of technological innovation. Poverty was once widespread in China; in 2012 it was over 6%, though it made a significant drop to 0.7% in 2015.9
As of 2016, China's per capita GDP is $8,123.1 Its life expectancy is 75, and its infant mortality rate is nine per 1,000 live births.
Photo by Jim_Nix
now a look on rostow’s model on india
Rostow's model summarises economic growth of countries into five different stages:
traditional society - characterised by subsistence farming or hunter-gathering
preconditions for take off - manufacturing industry begins to develop, and a country develops an international outlook
take off - short period of intense activity where urbanisation increases and industrialisation proceeds with technological breakthroughs.
drive to maturity - where industry diversifies and investment is made in infrastructure and improving quality of life over an extended period of time
Age of high mass consumption - where mass production feeds consumer demands.
India is 136th out of 187 countries, with 25% of the nation's population still living on less than $1.25 (US dollar) a day.
Rostow's model summarises economic growth of countries into five different stages:
traditional society - characterised by subsistence farming or hunter-gathering
preconditions for take off - manufacturing industry begins to develop, and a country develops an international outlook
take off - short period of intense activity where urbanisation increases and industrialisation proceeds with technological breakthroughs.
drive to maturity - where industry diversifies and investment is made in infrastructure and improving quality of life over an extended period of time
Age of high mass consumption - where mass production feeds consumer demands.
India is 136th out of 187 countries, with 25% of the nation's population still living on less than $1.25 (US dollar) a day.
on February 13 2020, the US moved India off the list of developing-countries in order to benefit the U.S’s proposed trade deal.
The United States Trade Representative (USTR) eliminated a host of countries including Brazil, Indonesia, Hong Kong, South Africa and Argentina from getting special preferences under the methodology for countervailing duty (CVD) investigations, stating that the previous guidance that dated back to 1998 “is now obsolete”
Read more at:
https://economictimes.indiatimes.com/news/economy/foreign-trade/india-out-o...
The United States Trade Representative (USTR) eliminated a host of countries including Brazil, Indonesia, Hong Kong, South Africa and Argentina from getting special preferences under the methodology for countervailing duty (CVD) investigations, stating that the previous guidance that dated back to 1998 “is now obsolete”
Read more at:
https://economictimes.indiatimes.com/news/economy/foreign-trade/india-out-o...
Photo by Gage Skidmore
in conclusion,
while the U.S does not consider India to be a “developing country” it does not change the fact that they have an extremely low GDP. all governments are corrupt in one way or another and realistically, it doesn’t matter what you think because a quick look into any developing countries statistics will teach you all you need to know about the circumstances they face.
while the U.S does not consider India to be a “developing country” it does not change the fact that they have an extremely low GDP. all governments are corrupt in one way or another and realistically, it doesn’t matter what you think because a quick look into any developing countries statistics will teach you all you need to know about the circumstances they face.
Photo by Hari Nandakumar
