India has surpassed Japan to become the fourth largest economy in the world.
India has overtaken Japan to become the world’s fourth largest economy. But despite this milestone, our per capita income remains much lower. So what matters more to the common man? GDP or per capita income. A high GDP shows a country’s overall economic strength. It helps attract foreign investment, boosts government revenue and allows spending on infrastructure, healthcare and education. It also creates jobs in industries like IT, manufacturing and services. But in India, income inequality is high. The richest 1% hold 41% of the wealth.
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