Last Updated : Jul 24, 2018 05:46 PM IST | Source:

Macro@Moneycontrol | While India grows its riches, common man's fate unchanged

Also on the show, Lok Sabha passes the Fugitive Economic Offenders Ordinance, 2018

Gaurav Choudhury @gauravchoudhury

India has become the sixth largest economy in the world in terms of GDP and has joined the elite group of economies.

As per the latest World Bank data, India edged past France where GDP stood at USD 2.582 trillion (Rs 177 lakh crore) in 2017 compared to India’s GDP of USD 2.597 trillion (Rs 178 lakh crore).

The average Indian, however, earns far less than compared to many other countries.

The Indian economy grew 7.7 percent in January-March, the fastest in nearly two years, signaling quick turnaround aided by rapid construction activity, consumer spending and corporate investment.

Meanwhile, Lok Sabha passed the Fugitive Economic Offenders Ordinance, 2018 on Thursday.

The Union Cabinet approved the Ordinance on April 21 and the President signed it on April 22. The proposed law comes in the backdrop of the alleged Rs 13,000 crore defrauding of Punjab National Bank (PNB)—India’s second largest public sector bank—by diamond merchant Nirav Modi and his uncle Mehul Choksi.

So while India’s GDP continues to grow, the money seems to be concentrated among top few rich persons.

Catch that conversation with Moneycontrol Economy Editor Gaurav Choudhury here.
First Published on Jul 24, 2018 05:46 pm
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