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India joins the trillion dollar economy elite club

Delhi, Fri, 27 Apr 2007 Deepak Kumar Mohanty

April 27: According to a report - Credit Suisse, published by Swiss investment bank, India’s GDP crossed the trillion dollar mark. This status at present is enjoyed by 12 elite economies, including the latest entry India. One major reason for the changing gear so far as India is concerned is the escalating value of rupee against US dollar, which at the present is below 41.

Countries including US, Japan, China, UK, France, Italy, Spain, Canada, Russia, Brazil, and Germany have already reached the benchmark and crossed the 13 figure standard. Amongst the top 12 US leads with a $12 trillion GDP.

Bombay Stock Exchange BSE, as it moves closer to the trillion mark, analysts have predicted a prosperous future for the country. Currently the currency stands up to 40.76 rupees per dollar. The bank also put country’s GDP at around Rs 41, 00,000 crore.

However, Credit Suisse had also cautioned that it would be unlikely for India to sustain that point as its inflation levels have been higher than the normal. With massive foreign direct investment FDI, Indian economy has expanded up to 9.2 per cent for 2006-2007 fiscal years, which ended in April. The inflation rate is 6 per cent and the government is trying to bring it down to 5 - 5.5 per cent.

Indian economists however seems to be least moved by the pessimistic reports. According to them, if the economy grows by 5 percent in the current year and inflation continues to remain around 5 percent the GDP would be around Rs 45,00,000 crore only. So, even if the exchange rate moves to about 45, India can still maintain its position in the trillion dollar club.

The statistics further suggest an increase in the capital flow towards India. It seems unlikely that there would be any positive change in privatization and linearization policy by the present government in coalition with the leftist parties, which is a prime factor in the growth.

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